Matrix Service Company Announces Definitive Agreement for $126 Million to Construct LNG Tanks
TULSA, Okla., May 12 /PRNewswire-FirstCall/ -- Matrix Service Co.
(Nasdaq: MTRX), a leading industrial services company, today announced that
Matrix Service Inc., its wholly owned subsidiary, in collaboration with
Mitsubishi Heavy Industries, Ltd.'s wholly owned subsidiary, Diamond LNG LLC,
has executed a Lump Sum Turnkey Agreement with Bechtel Corporation for the
engineering and construction of three 160,000 cubic meter single containment
Liquefied Natural Gas (LNG) tanks for Cheniere Energy, Inc.'s (Amex: LNG)
wholly owned limited partnership, Sabine Pass LNG, LP. The tanks will be
located in western Cameron Parish, Louisiana. Construction is currently
underway at the site, with tank construction expected to begin in July. The
terminal is scheduled to be operational in 2008.
The Lump Sum Turnkey agreement is valued at approximately $126 million, of
which Matrix will receive approximately $97 million. Mike Hall, President and
CEO of Matrix Service, said, 'Matrix Service is very excited to be working
with Sabine Pass LNG, LP., Bechtel and Mitsubishi Heavy Industries, Ltd. on
the LNG receiving terminal projects in Cameron Parish, Louisiana. We continue
to be impressed with Cheniere's professionalism and ability to expedite the
development of LNG terminal projects in the Gulf Coast. We also look forward
to working with Bechtel, who we regard as an extremely qualified EPC provider
to this industry. Our team is very confident and will dedicate the resources
required to make the project a success for Bechtel and Sabine Pass LNG, LP.'
About Matrix Service Company
Matrix Service Company provides general industrial construction and repair
and maintenance services principally to the petroleum, petrochemical, power,
bulk storage terminal, pipeline and industrial gas industries.
The Company is headquartered in Tulsa, Oklahoma, with regional operating
facilities located in Oklahoma, Texas, California, Michigan, Pennsylvania,
Illinois, Washington, and Delaware in the U.S. and Canada.
About Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd. Headquartered in Tokyo, Japan, is one of
the world's leading global heavy machinery manufacturers, with consolidated
sales of 2,590 billion yen in fiscal 2004 (year ended March 31, 2005). MHI's
diverse lineup of products and services encompasses shipbuilding, steel
structures, power plants, chemical plants, steel plants, environmental
equipment, industrial and general machinery, aircraft, space rocketry and air-
conditioning systems. Additional information on MHI may be found in its Web
site at http://www.mhi.co.jp . Press inquiries for Mitsubishi Heavy
Industries should be directed to: Daiya Public Relations, Mr. Hideo Ikuno:
Tel: +813-6716-5277. Fax: +813-6716-5929 or by writing to:
h.ikuno@daiya-pr.co.jp .
About Bechtel Corporation
Based in San Francisco, Bechtel is one of the world's premier engineering,
construction, and project management companies. Since its founding in 1898,
Bechtel has worked on more than 22,000 projects in 140 countries on all seven
continents. In the oil, gas, and chemicals sector, Bechtel has completed some
375 refining and chemical projects, 110 gas processing plants, 50 major oil
and gas field developments, and a third of the world's gas liquefaction
capacity. Bechtel has also built more than 85,000 kilometers of pipeline,
enough to circle the earth twice. Additional information about Bechtel may be
found on its website at http://www.Bechtel.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
identified 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: Investors:
Les Austin
Vice President Finance and CFO Investor Relations
Matrix Service Company Matrix Service Company
918/838-8822 918-359-8222
laustin@matrixservice.com IR@matrixservice.com
SOURCE Matrix Service Company
