This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SPX Secures Approximately $40 Million In Pump Orders For Two Oil Production Platforms In The North Sea

CHARLOTTE, N.C., Aug. 9, 2013 /PRNewswire/ --  SPX Corporation (NYSE: SPW) today announced that its Flow Technology segment has been awarded two contracts worth a combined total of approximately $40 million for ClydeUnion-branded pumps that will play a vital role in two offshore oil production platforms being constructed in the North Sea.

Under the terms of one contract, SPX will provide a total of six ClydeUnion pumps, including two large, high-pressure water injection pumps, two water injection booster pumps and two diluent pumps.  For the second contract, SPX will supply three ClydeUnion pumps, including a single high-pressure water injection pump along with two oil transfer pumps.  On virtually every offshore oil platform, high-pressure water injection pumps play a critical role in enabling the successful extraction of oil.

"These are significant wins for SPX and will serve to further elevate our competitive presence in the global oil and gas industry," said Tony Renzi, president of Clyde Union.  "We're confident that ClydeUnion's rich heritage and proven expertise in producing these types of large pumps since the 1970s, combined with our large installed base around the world and the close proximity of our manufacturing facility to the North Sea, all helped make us the pump supplier of choice for these two new oil production platform projects."

With a main facility in Glasgow, Scotland, and others in the U.S., Canada, France and the U.K., SPX's ClydeUnion Pumps business has been manufacturing pumps since 1886. 

"For decades, ClydeUnion Pumps have been serving the needs of the global oil and gas industry in various applications in offshore and onshore oil fields, as well as refineries and pipelines around the world," Renzi added.  "As the oil and gas industry continues to evolve, we are applying our pump engineering expertise to produce increasingly more efficient, better performing and more reliable pumps to serve our customers' needs."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs