RN has existing contracts with a number of oil and gas exploration companies to take and process volumes of liquid and solid residuals. TTN has begun construction of a processing facility in Kristiansund, Norway.
Most contracts are multi-year.
This market is involved in processing oily residuals from refineries. Much of this market involves offshore operations in foreign areas. This contract in Norway is our first significant success penetrating this market. Hertel continued, Our longstanding relationship with energy companies in the North Sea and our existing operating entity in Norway laid the groundwork for this contract. We hope that this type of contract becomes prototypical of contracts that we are exploring in other foreign areas.