This Day On The Street
Continue to site
ADVERTISEMENT
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

Chart E&C Receives LNG Liquefaction Plant Order From Stabilis FHR And Provides Fast Track For Additional Plants

CLEVELAND, Sept. 30, 2013 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), today announced that Stabilis FHR Oilfield LNG LLC, a venture between Stabilis Energy LLC and Flint Hills Resources, LLC ("Stabilis FHR"), has awarded Chart's wholly-owned subsidiary, Chart Energy & Chemicals, Inc. ("Chart E&C"), a contract to provide its standard C100N liquefaction plant. The plant, which is designed to produce 100,000 gallons of liquefied natural gas ("LNG") per day, will be located in George West, Texas and is expected to commence production in January 2015 for high horsepower oilfield fuel applications in the Eagle Ford Shale.

The contract also provides a framework for Stabilis FHR to purchase up to four additional LNG liquefaction facilities from Chart E&C, for rapid deployment as Stabilis FHR executes on its plan to build additional LNG liquefiers serving oilfield fuel consumers. Chart E&C has reserved production slots for these additional plants. Stabilis FHR plans to commence production at these additional facilities between 2015 and 2017.

The four additional LNG liquefaction plants will be able to produce either 100,000 gallons or 250,000 gallons per day. All the plants are complete package solutions for the liquefaction of natural gas and feature Chart E&C's proprietary liquefaction technology. Key equipment packages, comprised of brazed aluminium heat exchangers, cold boxes, storage tanks and load-out facilities, are designed in-house, and manufactured and fabricated in Chart's facilities. This vertically integrated approach delivers a fast-track schedule and earlier commencement of LNG production.

"Both Chart and Stabilis FHR have a shared commitment to providing customers with a cost efficient, safe alternative to diesel and other distillate fuels and we look forward to delivering these plants and continuing our relationship with Stabilis FHR to support their growth in LNG," commented Mike Durkin, President of Chart E&C.

Certain statements made in this news release are, or imply forward-looking statements, such as statements concerning business plans, objectives, market trends, future revenue, performance, and other information that is not historical in nature. These statements are made based on Chart's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as cyclicality of product markets and vulnerability of markets to economic downturns, a delay or reduction in customer purchases, including any delay or reduction in orders for additional LNG plants by Stabilis FHR, competition, fluctuations in energy prices or changes in government energy policy, management of fixed-price contract exposure, reliance on the availability of key supplies and services, pricing and availability of raw materials, and modification or cancellation of customer contracts. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K. Chart undertakes no obligation to update or revise any forward-looking statement.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs