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MyCelx inks distribution deal with Schlumberger

The deal gives Schlumberger exclusive rights to distribute MyCelx products in the upstream market

offshore oil rig
MyCelx's technology removes oil from water, helping oil firms reduce their environmental impact

Water cleaning specialist MyCelx Technologies Corporation (LON:MYX) has agreed a distribution deal with Cameron, a subsidiary of the world’s largest oilfield services firm Schlumberger.

The agreement gives Schlumberger the exclusive rights to distribute MyCelx’s products in the upstream market.

The AIM-listed firm says it will work with oilfield services giant to expedite the industry adoption of its RE-GEN product line.

“We are extremely pleased to be working with Schlumberger to bring our products to their global upstream customer base,” said chief executive Connie Mixon.

The company’s water treatment technology permanently removes oil and hydrocarbons from water, helping oil companies to reduce their environmental impact.

It says it will retain its current business in the downstream market for all its products and services.

Shares were down 5p, or 18%, to 22.5p.

Quick facts: MyCelx Technologies

Price: 65 GBX

AIM:MYXR
Market: AIM
Market Cap: £12.2 m
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