Matrix Service Awarded EPFC of LNG Cryogenic Tank for Eagle LNG Partners
TULSA, Okla., Jan. 27, 2016 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix Service Inc., has been awarded a contract for the engineering, procurement, fabrication and construction of a 1,000,000 gallon liquefied natural gas (LNG) cryogenic tank for the second Eagle Plant in Jacksonville, Fla. The first plant is the previously announced Export Project currently in the FERC process. Eagle LNG is a wholly owned subsidiary of Ferus Natural Gas Fuels LP.
"We are extremely proud to have been selected by Eagle LNG Partners, a leader in the micro-liquefaction industry, to provide turnkey solutions for this project, which supports our own growth strategy across the gas value chain,” said John Hewitt, CEO of Matrix Service Company. “With more than 30 years of expertise in the design, construction, maintenance and repair of aboveground storage tanks and pressure vessels, we look forward to delivering this project safely, on time and on budget.”
Engineering on the project has commenced, with cooldown targeted for early 2017.
“LNG transportation fuels offer significant environmental and economic benefits across a host of industries and, consequently, we expect demand to only increase,” said David Stevenson, vice president of engineering, Eagle LNG. “As we build LNG infrastructure across the U.S. to meet these needs, partnering with contractors who can provide service from concept through completion is critical. We are very pleased to have partnered with Matrix Service on this project.”
About Matrix Service Company Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service, Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America’s energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada.
The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial.
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
For more information, please contact:
Matrix Service Company
Kevin S. Cavanah
Vice President and CFO
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