Sypris Wins Orders for Gas Projects in Brazil and Canada
July 28 2020 - 9:45AM
Business Wire
Specialty Closures Designed for
High-Pressure Applications
Sypris Technologies, Inc., a subsidiary of Sypris Solutions,
Inc. (Nasdaq/GM: SYPR), announced today that it has recently
received significant orders for its Tube Turns® branded Ultra-High
Pressure and Double Bolt closure product lines. Production will
begin immediately and is expected to be completed prior to year
end. Terms of the purchases were not disclosed.
Brett Keener, General Manager of Sypris Technologies, commented,
"These two projects leverage our extensive experience in
engineering high-quality closures for the demanding requirements to
continually support major energy projects around the globe. We are
proud to be a part of enhancing energy infrastructure with these
types of important global projects."
The Tube Turns® Ultra-High Pressure closures have been chosen
for the Libra Oil Field Project, located offshore Brazil. According
to Offshore Technology and Reuters, the project is one of the
world’s largest ultra-deepwater (6,600 feet deep) oil discoveries,
containing between 7.9 and 15 billion barrels of oil, and is
expected to add up to 1.4 million barrels of oil per day by 2021
with an estimated development cost of $80 billion USD. The Tube
Turns® Ultra-High Pressure closures are a perfect fit for the
project as they are designed for high-pressure applications up to
15,000 psi.
In addition to the Libra Oil Field Project, the Tube Turns®
Double-Bolt closures have been selected for the Trans Mountain
Expansion Project, which will transport oil to Canada’s West Coast
unlocking access to world markets. According to Trans Mountain, the
project is estimated to cost $12.6 billion USD and will add 609
miles of 42” pipeline as well as up to 590,000 barrels of oil per
day. These closures will be 30” to 48” in diameter with ratings of
1,480 psi to 2,220 psi design pressure and will be automated for
ease of opening.
Sypris Technologies, Inc. is a global leader in the manufacture
of custom engineered closures for high pressure critical
applications serving the oil and gas pipeline infrastructure,
hydrocarbon and petrochemical processing, and utility industry
since 1927. Headquartered in Louisville, Kentucky, the Company's
products are marketed worldwide, and can be found in projects
ranging from the Trans Alaska Pipeline and Strategic Petroleum
Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the
Bonny Island Gas Field in Nigeria. For more information about the
Company, visit its Web site at www.sypris.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200728005620/en/
Brett H. Keener General Manager (502)
774-6271
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Apr 2023 to Apr 2024