Matrix Service Inc. Awarded Tank Package Valued in Excess of $60 Million From OCI Construction Group
TULSA, Okla., March 4, 2013 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix Service Inc., has been awarded a construction contract valued in excess of $60 million from OCI Construction Group, the engineering, procurement and construction (EPC) contractor for OCI N.V.'s wholly-owned subsidiary Iowa Fertilizer Company (IFCo). IFCo is a greenfield nitrogen fertilizer complex located in Lee County, Iowa that is currently under construction. The plant will produce up to 2 million metric tons per annum of nitrogen fertilizers, including ammonia, urea, and urea ammonium nitrate (UAN), as well as diesel exhaust fluid (DEF).
Matrix Service's scope of the project includes the engineering, fabrication, and erection of the tank structures and their associated foundations for two double containment ammonia storage tanks and three urea ammonium nitrate storage tanks.
John Hewitt, CEO of Matrix Service Company, stated that "we are excited to be selected to participate in this important project for OCI and we support OCI's commitment to maximizing local job creation."
About Matrix Service Company
Matrix Service Company provides engineering, fabrication, construction and repair and maintenance services to the Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions and Industrial markets.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities throughout the United States and Canada.
The Matrix Service Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13990
About OCI N.V.
OCI N.V. is a global nitrogen-based fertilizer producer and engineering & construction company based in Amsterdam, the Netherlands with operations and plants across the United States, Europe, the Middle East, North Africa, and Central Asia. The Fertilizer Group owns and operates nitrogen fertilizer plants in the Netherlands, the United States, Egypt and Algeria and has an international distribution platform spanning from the Americas to Asia. The Fertilizer Group ranks among the world's top fertilizer producers with a fertilizer production capacity of nearly 7 million metric tons. The Construction Group provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in Europe, the Middle East and North Africa for public and private clients. The Construction Group ranks among the world's top global contractors. OCI N.V. employs more than 90,000 people in 35 countries around the globe and is listed on the NYSE Euronext in Amsterdam.
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: Matrix Service Company
Kevin S. Cavanah
Vice President and CFO
T: 918-838-8822
Email: kcavanah@matrixservicecompany.com
