TULSA, Okla., Aug. 27, 2015 (GLOBE NEWSWIRE) — Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix Service Inc., has been awarded the engineering, procurement and construction of the six gathering terminals for the Dakota Access Pipeline by Dakota Access, LLC, a subsidiary of Energy Transfer Partners. The pipeline will deliver light sweet crude from the Bakken and Three Forks production areas in North Dakota to Patoka, Ill. Terminals are planned for Stanley, Ramberg, Epping, Trenton, Watford City and Johnson Corner, all in North Dakota.
The projects, which were previously announced as a key underpinning to fiscal year 2016 guidance provided in early July, have an estimated cumulative value of $330 million with each terminal having a working capacity ranging from 200,000 to 600,000 barrels.
“We are extremely proud to have been chosen by Dakota Access to receive this significant project award, recognizing our expertise in full terminal design and construction as well as our ability to meet exacting standards of safety and quality,” said John Hewitt, CEO of Matrix Service Company.
Engineering on the project will begin immediately, with field construction on all six terminals expected to begin in January 2016 and be complete by late 2016.
About Matrix Service Company
Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service, Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America’s energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada.
The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial.
To learn more about Matrix Service Company, visit matrixservicecompany.com
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company’s operations and its financial condition. We undertake no obligation to update information contained in this release.
CONTACT: For more information, please contact:
Matrix Service Company
Kevin S. Cavanah
Vice President and CFO
T: 918-838-8822
Email:[email protected]