Matrix PDM Engineering Signs Licensing Agreement With GTT to Offer Membrane Tank Technology
October 10 2016 - 4:05PM
Matrix Service Company (Nasdaq:MTRX)
announced today that its subsidiary, Matrix PDM Engineering
(“Matrix PDM”) has signed an agreement with GTT North America,
Inc., a subsidiary of GTT (Gaztransport & Technigaz), to offer
membrane tank technology. Matrix PDM is the first EPC company
based in the United States to be licensed by GTT. The agreement
comes following revisions to various standards including NFPA 59A
and Canadian Standard CSA Z276 to include provisions for the use of
membrane tanks for cryogenic and refrigerated storage in North
America.
Matrix PDM enjoys a long-standing history as a North American
leader in the design of single wall, double wall and full
containment storage tanks. Matrix Service Company construction
subsidiaries, Matrix Service and Matrix NAC also hold a leading
position in the construction, maintenance and repair of aboveground
storage and specialty vessels. By offering membrane tanks, the
Company’s LNG and NGL customers now have a full spectrum of
solutions available to meet their project needs in cryogenic and
low temperature products.
“GTT membrane technology adds to our suite of
offerings and builds upon our years of experience in the
traditional design and construction methods used for LNG and NGL
tanks,” said Ken Erdmann, Vice President of Matrix PDM Engineering.
“The technology has been used for decades on LNG carriers and
various land based applications in other countries around the
world. Examples of projects that might benefit are LNG facilities
where owner/operators seek faster speed to market or, in some
instances, for projects located in areas with higher seismic
activity.”
“Building on the recent milestone within NFPA
59A, GTT is pleased to partner with Matrix, a first class EPC, to
bring a new value proposition to the North American market through
the inherent advantages of GTT’s proven membrane technology:
reduced CAPEX / OPEX and reduced time to market using local trained
operators implementing a standardized and modular technology,”
declared Philippe Berterottière, Chairman and Chief Executive
Officer of GTT.
GTT’s membrane technology will be on display at
the Matrix Service booth (Booth No 519) at the HHP Summit in
Chicago on October 11th, 12th and 13th 2016. On October 13th GTT
North America will also be taking part in the Summit’s “Supply
Chain and Technical Considerations for LNG Marine Bunkering”
session.
About Matrix Service CompanyFounded 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, as well as Sydney, Australia and Seoul,
South Korea.
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
About GTTGTT (Gaztransport
& Technigaz) is the designer of containment systems with
cryogenic membranes used to transport and store liquefied gas, and
in particular, LNG (Liquefied Natural Gas). For over 50 years, GTT
has been designing and offering to its customers’ technologies
which allow them to optimise storage space and reduce the
construction and operating costs of ships or tanks equipped with
these systems. The liquefied gas market includes several types of
vessels: LNG carriers, FSRUs (Floating Storage Regasification
Units), FLNGs (Floating Liquefied Natural Gas vessels) and
multi-gas carriers (in particular for ethane and LPG). The company
also provides solutions dedicated to onshore storage and to the use
of LNG as fuel for vessel propulsion (and associated bunkering), as
well as a broad range of high added value services for all
stakeholders throughout the liquefied gas chain. For more
information, visit www.gtt.fr
GTT is listed on Euronext Paris, Compartment A
(ISIN FR0011726835) (Euronext Paris:GTT) and is notably included in
SBF 120 and MSCI Small Cap indices.
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.
For more information, please contact:
Matrix Service Company
Kevin S. Cavanah
Vice President and CFO
+1-918-838-8822
Email:kcavanah@matrixservicecompany.com
GTT:
Media Relations contacts:
press@gtt.fr / +33 (0)1 30 23 42 24 - +33 (0)1 30 23 20 41
Investor Relations contacts:
information-financiere@gtt.fr / + 33 (0)1 30 23 42 26 - + 33 (0)1 30 23 20 87
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