Scrubber technology firm Pacific Green Technologies (PGT) on Friday (19 June) announced that the company will consolidate its Marine Sales Division due to recent changes in the oil price spread.
“As a result of COVID-19 and the narrowing of the oil price spread we have been forced to rethink the sales strategy in our marine division,” said Scott Poulter Chairman and CEO of Pacific Green Technologies.
“Unfortunately we have concluded that our Norway office, which has not generated any revenue for our group, should close and that our Marine Sales division should continue its previously successful strategy, concentrating on trusted relationships in the sector.
“Our parent company has strong cash reserves and we continue to look forward with optimism as we believe that the effect of the Pandemic will generate significant change in the energy sector and increasingly require our sustainable technologies.”
Since entering the marine sector, the PGT reports it has delivered 86 ENVI-Marine™ scrubbers to its customers, with another 56 ENVI-Marine™ scrubbers contracted to be delivered in 2020 and 2021.
PGT said it has postponed 32 ENVI-MarineTM scrubber installations to 2021 to accommodate client and supplier needs but has received no scrubber cancellations as a result of the Pandemic.
Photo credit: Manifold Times
Published: 23 June, 2020
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