- One Hundred Unit Pressure Pumping Transmission System Order Received
- Company Experiencing Sustained Recovery in Oil and Gas Aftermarket Activity
RACINE, Wis., March 08, 2017 (GLOBE NEWSWIRE) -- Twin Disc, Inc. (NASDAQ:TWIN), today announced it recently received multiple new orders from North American pressure pumping customers for the Company’s 8500 series transmission systems. Demand is being supported by a sustained recovery in oil and gas aftermarket activity.
Twin Disc received multiple orders for its 8500 series transmission systems during the fiscal 2017 third quarter, including a 100-unit order from ProFrac Services. This order represents one of the largest single transmission system orders the company has received. Additional orders experienced during the quarter were from existing customers producing new pressure pumping capacity. Twin Disc began delivering units during the third quarter and expects to continue shipping transmission systems associated with these oil and gas orders throughout the remainder of fiscal 2017.
In addition to new unit orders, Twin Disc has experienced an increase in demand for oil and gas aftermarket components.
“We are extremely pleased to announce significant new oil and gas transmission system orders,” stated John H. Batten, President and Chief Executive Officer. “These orders demonstrate Twin Disc’s leadership position in providing high horsepower, high quality transmission systems to the pressure pumping industry, and we are proud to be a part of ProFrac’s initial build. The difficult oil and gas cycle over the past 18 months has caused a significant underinvestment in fracturing equipment. Increasing new product and aftermarket demand trends are encouraging and we are cautiously optimistic we are in the early stages of an improving oil and gas equipment cycle.”
About Twin Disc, Inc.
Twin Disc, Inc. designs, manufactures and sells marine and heavy-duty off-highway power transmission equipment. Products offered include: marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and control systems. The Company sells its products to customers primarily in the pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company’s worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
Forward-Looking Statements
This press release may contain statements that are forward looking as defined by the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including those identified in the Company’s most recent periodic report and other filings with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that the results expressed therein will be achieved.