Matrix Service Company Announces Contract Award by KBR for Construction Services on Ultra-Low Gasoline Project at Monroe Energy Refinery
TULSA, Okla., Sept. 07, 2016 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that KBR, Inc. (NYSE:KBR) has awarded Matrix North American Construction ("Matrix NAC") a project in excess of $70 million for construction services in connection with KBR's Tier 3 Ultra-Low-Sulfur Gasoline (ULSG) Relocation Project at Monroe Energy's Refinery in Trainer, Pa.
Matrix NAC will provide mechanical, electrical and instrumentation construction services including deconstruction and reconstruction of an idle 60,000 barrels per day SCANfiningTM unit being relocated from another facility.
"We are very proud to have been selected by KBR and look forward to supporting their work on this significant project for Monroe Energy," said John Hewitt, CEO of Matrix Service Company. "We are confident in the ability of our team to meet KBR's and Monroe Energy's expectations and are committed to delivering this project safely, on time and on budget."
The project team has commenced site mobilization activities with planned start-up of the unit in late calendar year 2017.
Revenue associated with this project will be booked into backlog for Matrix NAC's Oil, Gas & Chemical segment for the first quarter of Fiscal Year 2017.
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 KBR, Inc.
KBR, Inc. is a global technology, engineering, procurement and construction company serving the hydrocarbons and government services industries, employing approximately 25,800 people worldwide with customers in more than 80 countries and operations in 40 countries across three distinct global businesses:
- Technology & Consulting, including proprietary technology in refining, ethylene, ammonia and fertilizers, and gasification; and niche consulting and know-how through subsidiaries Granherne, Energo and GVA
- Engineering & Construction, including Offshore Oil & Gas; Onshore Oil & Gas; LNG/GTL; Refining; Petrochemicals; Chemicals; differentiated EPC, and Industrial Services
- Government Services, incorporating KBRwyle, includes capabilities that span the full spectrum of government mission requirements including research and development, testing, engineering, logistics, deployed operations, and life-cycle sustainment.
KBR is proud to work with its customers across the globe to provide technology, value-added consulting services, integrated EPC delivery and Long Term Industrial Services to ensure consistent project delivery with predictable results. At KBR, we deliver.
Visit www.kbr.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:kcavanah@matrixservicecompany.com
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