Versarien enters collaboration to develop oil and gas industry products

Versarien on Thursday signed a collaboration agreement with Advanced Insulation, a supplier of fire retardant coatings, sub-sea insulation materials and buoyancy products.

The two companies will initially work to integrate Versarien’s Nanene graphene nano-platelets into sub-sea insulation materials with the aim of improving tear resistance and reducing water absorption.

Neill Ricketts, chief executive of Versarien, said: "We are very pleased to have entered into this graphene application collaboration agreement with Advanced Insulation, further broadening the sectors addressed by our partnerships."

Gloucester-headquartered Advanced Insulation primarily supplies the oil and gas sector.

Ricketts stated that Versarien’s board was confident that their technology could provide "significant enhancements" for industry products meant for use in hazardous and extreme environments.

"Our existing collaborations continue to progress and I look forward to providing updates in due course, together with announcing others that are currently in discussion," said Ricketts.

In August, the AIM traded company entered into a similar collaboration agreement with Fortune 500 infrastructure company Aecom to develop Nanene based polymer structures for use in civil engineering projects.

Versarien’s shares were down 3.38% at 143.00p at 1010 BST.