Oil Dynamics signs pump supply deals with Romania's OMV Petrom

The supply and service agreement will be carried out through Oil Dynamics' branch in Bucharest, the company said in a press release on Tuesday.

The company did not disclose the value of the transaction.

The new contracts follow an earlier agreement signed in 2023 for the supply of over 50 electric submersible progressive cavity pump (ESPCP) systems for OMV Petrom. In the meantime, several ESP and ESPSP have been delivered, installed, and are in productive operation, Oil Dynamics said.

Oil Dynamics is a German company specialising in artificial lift solutions for various industries including oil, geothermal, water, spa and lithium.

OMV Petrom's shares traded 0.76% higher at 0.6 lei ($0.13/0.12 euro) as of 0959 CET on Wednesday on the Bucharest Stock Exchange.

(1 euro=4.97614 lei)