Matrix Service Awarded EPFC of Two-Million Gallon LNG Tank for JAX LNG
TULSA, Okla., Nov. 07, 2016 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix Service has been awarded the engineering, procurement, fabrication and construction of a 2 million gallon LNG tank for the JAX LNG Bunker Facility, a new LNG liquefaction and storage facility located at Dames Point near the Port of Jacksonville. JAX LNG is a joint venture formed by Pivotal LNG a wholly-owned subsidiary of Southern Company Gas, NorthStar Midstream, LLC, a midstream transportation company backed by funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Clean Marine Energy LLC. JAX LNG is the long-term supplier of LNG to the world's first LNG dual fuel container ships, the Isla Bella and Perla del Caribe, operated by TOTE Maritime Puerto Rico.
"We are extremely proud to have been selected to provide the engineering and construction services for this critical infrastructure," said John Hewitt, CEO of Matrix Service Company. "With more than 30 years of expertise as a top-tier contractor, we look forward to helping our customers meet the growing demand for LNG storage across North America."
The JAX LNG facility is expected to be operational in the fourth quarter of 2017. Once completed, it will be capable of producing more than 120,000 gallons of LNG per day which will stored in the two million gallon cryogenic storage tank.
JAX LNG will be North America's first small-scale coastal LNG facility and will include marine distribution capabilities utilizing North America's first LNG bunker barge, Clean Jacksonville, carrying LNG for container ships serving Puerto Rico. Currently the container ships are being LNG-bunkered truck-to-ship with fuel from Pivotal LNG out of Macon, Georgia.
The new facility will provide the container ships with direct access to LNG fuel, eliminating the need for truck-to-ship bunkering.
"JAX LNG will provide a reliable long-term LNG fuel source in Florida to help meet the growing LNG demands of the maritime industry," said NorthStar CEO Tim Casey. "We are very pleased to have Matrix Service as part of our team."
"This project is significant for our industry and will help bring jobs, commerce and economic growth to the Jacksonville area," said Tim Hermann, president of Pivotal LNG. "We've got a great team engaged in the project and are excited to be working with Matrix Service."
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, as well as Sydney, Australia and Seoul, South Korea.
The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial.
To learn more about Matrix Service Company, visit matrixservicecompany.com
About Pivotal LNG
Pivotal LNG is part of Southern Company Gas, a wholly owned subsidiary of Southern Company (NYSE:SO). Pivotal LNG provides liquefied natural gas to companies and industries throughout the United States through reliable, flexible and cost-effective solutions. For more information, visit www.pivotallng.com.
About Southern Company Gas
Southern Company Gas is a wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO), America's premier energy company. Southern Company Gas serves approximately 4.5 million natural gas utility customers through its regulated distribution companies in seven states and more than 1 million retail customers through its companies that market natural gas and related home services. Other nonutility businesses include asset management for natural gas wholesale customers and ownership and operation of natural gas storage facilities. For more information, visit Southern Company Gas at southerncompanygas.com.
About NorthStar Midstream
NorthStar Midstream is a responsive midstream energy transportation company led by a customer-focused and experienced executive team. NorthStar is currently operating and building terminals and pipelines in North Dakota and Texas. It was formed in 2014 through a partnership between NorthStar and Oaktree. NorthStar leverages Oaktree's Capital's resources and expertise to generate long-term value for its customers. For more information, visit http://www.northstarmidstream.com/
Oaktree is a leader among global investment managers specializing in alternative investments, with $98 billion in assets under management as of June 30, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/
About Clean Marine Energy
CME offers ship owners tailored solutions for LNG marine fueling, built on strategic partnerships between industry leaders that combine technology, engineering expertise, capabilities and track record. Founded in 2012, CME remains focused on co-investing in the long-term infrastructure required to bring ship owners into the next era of low-emissions shipping. For additional information, please visit CME's website at http://www.cleanmarineenergy.com/.
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 +1-918-838-8822 Email:email@example.com