Matrix Service Inc. Awarded EPC Refrigeration Package Valued in Excess of $30 Million From Orascom E&C USA Inc.
TULSA, Okla., June 12, 2014 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix Service Inc., has been awarded an engineering, procurement and construction (EPC) contract in excess of $30 million by Orascom E&C USA Inc. (OEC). OEC is the EPC contractor for OCI N.V.'s wholly-owned subsidiary Iowa Fertilizer Company (IFCo). IFCo is a greenfield nitrogen fertilizer complex located in Lee County, Iowa that is currently under contract. The plant will produce up to two million metric tons per annum of nitrogen fertilizers, including Ammonia, Urea, and Urea Ammonium Nitrate (UAN).
This contract award expands the scope of Matrix Service's work on the OEC project. The additional scope includes the engineering, procurement and construction of the refrigeration system associated with the tank package awarded to Matrix in March 2013. The previous award included the engineering, fabrication and erection of two double containment Ammonia Storage Tanks and three Urea Ammonium Nitrate (UAN) storage tanks, and related structures.
John Hewitt, CEO of Matrix Service Company, noted that "the award of this package demonstrates the full capability of Matrix Service Company in the delivery of EPC contracts in the gas value chain. The relationship with OEC has been very positive and we are excited to expand our role on this project."
About Matrix Service Company
Matrix Service Company provides engineering, fabrication, construction and maintenance services to Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities in the United States and Canada.
About OCI N.V.
OCI N.V. is a global nitrogen-based fertilizer producer and engineering & construction company based in Amsterdam, the Netherlands with operations and plants across the United States, Europe, the Middle East, North Africa, and Central Asia. The Fertilizer Group owns and operates nitrogen fertilizer plants in the Netherlands, the United States, Egypt and Algeria and has an international distribution platform spanning from the Americas to Asia. The Fertilizer Group ranks among the world's top fertilizer producers with a fertilizer production capacity of nearly 7 million metric tons. The Construction Group provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in Europe, the Middle East and North Africa for public and private clients. The Construction Group ranks among the world's top global contractors. OCI N.V. employs more than 90,000 people in 35 countries around the globe and is listed on the NYSE Euronext in Amsterdam.
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.
CONTACT: For more information, please contact:
Matrix Service Company
Kevin Cavanah
Vice President and CFO
T: 918-838-8822
E: kcavanah@matrixservicecompany.com
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