Furmanite Corporation (NYSE: FRM) today announced that its subsidiary, Furmanite America, Inc., has received a $4.7 million Line Isolation Project in the Northern Oil Sands Region of Canada. Furmanite was selected to design, engineer, manufacture and provide service for a Hot Tap and Line Stop on a 16” alloy, boiler feed, piping system that operates at 950 psi and 925 oF.
Furmanite’s design will allow the intervention of the pipeline to permit the installation of isolation valves without shutting down the main boiler, which would have resulted in a loss of revenue for the oil producer. Joseph E. Milliron, president and chief operating officer of Furmanite Corporation, said: “Furmanite’s approach was selected over others due to our engineering aptitude for large-scale projects as well as our experience dealing with high pressure and high temperature critical path operations. We are excited that our newly engineered equipment was selected.”
The design is currently underway with field operations scheduled to begin in 2011. Once the initial installation is complete, the process is expected to be utilized on several identical operations that will occur over the next two to three years at an additional combined estimated value of $7 million.
ABOUT FURMANITE CORPORATIONFurmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas, Texas, Furmanite, one of the world’s largest specialty technical services companies, delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability. Furmanite’s diverse, global operations serve a broad array of industry sectors, including offshore drilling operations, pipelines, refineries and power generation facilities, chemical and petrochemical plants, steel mills, automotive manufacturers, pulp and paper mills, food and beverage processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 75 offices on six continents. For more information, visit www.furmanite.com. Certain of the Company’s statements in this press release are not purely historical, and as such are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding management’s intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company’s business, and other risks and uncertainties detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future affect the Company’s business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements.