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TheStreet Open House

Furmanite Awarded Global Pipeline Intervention Contract

Stocks in this article: FRM

Furmanite Corporation (NYSE: FRM), one of the world’s largest providers of Process Intervention Services, today announced that it has been awarded one of BP’s four global Isolation and Intervention contracts. Representatives of BP stated, “This contract marks a significant achievement as the culmination of work with supplier engagement and evaluations. Safe isolations are important across BP’s operations for works such as valve replacement and for plant/platform shutdowns. All of the Suppliers have committed to a program of continuous improvement and developing best practices leading to industry guidelines.”

Furmanite is an original equipment manufacturer (OEM) of the IPSCO-Furmanite brand of Process Intervention (commonly referred to as Hot Tapping and Line Stopping) equipment and custom fittings. Furmanite provides worldwide field service with a broad network of Service Delivery Centers located throughout six continents.

“This contract represents the culmination of a two-year process which required the engagement of our global team of experts working closely with BP towards a common goal of setting new standards in the industry which focuses on a process that results in consistent, first-time, deployment success,” said Chad Murray, Executive Vice President of Furmanite’s Global Service Lines.

“We are excited about the opportunities that this contract represents not only for Furmanite, but also for the process improvement potential it represents for the industries that we serve. We are committed to delivering perfect products and services to our clients and BP’s approach to this process, which focused on safety and quality, makes our selection even more rewarding,” concluded Murray.

ABOUT FURMANITE CORPORATION

Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Houston, 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 could 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 to reflect new information, events or circumstances after the date made or to reflect the occurrence of unanticipated events, except as required by law.



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