In Double Crown's PR last week they commented that the lower oil prices prevailing in the markets over the past several months have caused many driling companies to reorganize plans and make changes in the orders to their oilfield service companies. Double Crown is one of these oilfield service companies. It's a no-brainer that this has resulted in some projects taking longer than originally expected to get approvals and purchase orders signed. However, Double Crown also told us that things are gettting back on track now and their customers have been requesting finalized sales quotations and logistical planning for new projects. Product samples have also been shipped to Double Crown's customers, tested and approved. The next step is getting the contracts signed.
It's all in the news for those who take the time to read it.
From the March 17th release:
Next, we would like to address the oilfield commodity supply orders we have been developing over the past several months. Due to the reorganization of drilling projects in response to lower oil prices throughout the global markets, oilfield service companies, including Double Crown, have seen many changes to the types and quantities of products needed. Double Crown is pleased to announce at this time that our clients have been requesting finalized sales quotations for industrial quantities of our products. The sample products that were provided by Double Crown have all passed the purchasers' own laboratory testing with regard to quality and all pricing has been quoted for the costs of materials and logistics to the various destinations globally. As a result, we are now awaiting new industrial quantity pilot supply programs to begin in the very near term and we anticipate purchase orders to follow.
