IRVING, Texas, June 11, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power") announced today that it was awarded over $30 million of orders for two major projects of which approximately $18 million is expected to be recognized in 2014.
The Energy Services segment was awarded a contract for the construction of a pipeline terminal in the Niobrara region. The terminal will have 300,000 barrel per day capacity with capability of receiving 4,000 barrels per hour from the gathering system. In addition, the terminal will be designed for 4,000 barrel per day delivery to the transportation pipeline. Construction consists of infrastructure development which includes access and egress with five bi-directional trucking lanes, pipeline and storage tank installation, as well as pumping, separation and filtration systems integration.
The other notable order included the collaboration of the Energy Services segment and Auxiliary Products segment to service one of the largest power producers in the U.S. with a turnkey combined cycle gas turbine inlet chilling solution. Global Power will execute the design and manufacture of the turbine inlet. This will include manufacturing the integrated chilling coils and providing the on-site installation work including civil, mechanical and electrical improvements.
Global Power's Energy Services segment orders are approximately $40 million in 2014, up significantly over the prior year. Global Power's Products Solutions segment orders are approximately $76 million, driven by Auxiliary Products' success with growing its aftermarket business and Electrical Solutions winning new opportunities.
Luis Manuel Ramírez, President and Chief Executive Officer of Global Power, commented, "Our strategy to penetrate opportunities in the natural gas infrastructure investment trend is working well. The structure we put in place last year provided us the necessary platforms for growth and enabled a collaborative commercial strategy. We have booked over $200 million in orders year-to-date, compared with $170 million in the first half of last year. These orders, along with our active bidding pipeline, give us confidence in our previously announced revenue guidance for 2014. Our experienced leadership team is driven to provide solutions that win through innovation and value creation."
About Global Power
Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. It is comprised of three segments. Product Solutions includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power as well as other industrial and commercial operations. Energy Services provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries. Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities. The Company routinely provides information at its website: www.globalpower.com.
Forward-looking Statement Disclaimer
This press release contains "forward-looking statements" within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, effective integration of acquisitions, modification of preliminary 2014 outlook, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 17, 2014 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.