New Business Direction: Steelhaus Advanced Materials facility to provide composite products over 15-year agreement

Late 2022 we secured 40,000 sqft of additional manufacturing capacity intended for our Advanced Materials facility a product of a 15-year agreement with Schlumberger to supply a majority of its composite completions’ products globally.  These products serve primarily the US market for multi stage plug and perforation fracturing which is currently 530,000 stages annually.  Through 85 Industrial our dedicated plug manufacturing facility we currently supply the US market approximately 40,000 stages of the degradeable ReacXion Nano plug via Schlumberger, the addition of the composite FracXion plug will bring our total stages supplied to 75,000 units annually which represents 14% of the US market for stages pumped.  Plans are in the works to further diversify this facility into some exciting new directions including supply to Aerospace, Medical and renewables.