Hanover Compressor Gets Storage Deal

A Texas Brine unit awards the Houston company a $12.5 million gas storage plant deal.
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Hanover Compressor

(HC)

got a $12.5 million contract to develop a natural gas storage facility in southeast Harris County, Texas, for

Texas Brine

unit Underground Storage.

The facility will use an existing salt dome cavern to store nearly 3 billion cubic feet of natural gas to supply the Houston area markets. Houston-based Hanover will supply all surface equipment as well as the engineering, project management and construction services for the project, the company said.

The project is scheduled for completion during the second quarter of 2006.

"Time truly is money in today's energy market," said Mickey McDonald, Hanover's vice president for U.S. operations. "This is also an important win for our United States marketing efforts, as Hanover continues to broaden its total solutions offering with turn-key equipment and construction packages to meet our customer's needs."

On Tuesday, Hanover shares rose 6 cents to $14.91.