Graham Corporation (NYSE MKT: GHM), a global business that engineers, manufactures, and sells critical equipment for the oil refining, petrochemical and power industries, and also supplies components and raw materials for nuclear energy facilities, announced that it was recently awarded five orders totaling $12 million during its fourth quarter which ended March 31, 2013. The projects are expected to ship at various times from the third quarter of the fiscal year ending March 31, 2014 through the third quarter of the fiscal year ending March 31, 2015.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “North America continues to represent an important market for Graham and, even though new refineries are not being constructed in the United States, we continue to see opportunities in revamps and upgrades of refineries that include several decades of our installed base of equipment, as well as in oil sands projects.”
Two of the orders are for ejector systems to be installed in refineries undergoing upgrades to accommodate the processing of different types of crude oil. One of these ejector systems will replace current Graham equipment in a U.S. oil refinery to enable the processing of synthetic crude while the other ejector system will also replace Graham equipment in a Canadian oil refinery in order to expand the variety of crude oil that the facility can accept and process. The order for a steam surface condenser for installation at a U.S. refinery will replace equipment that Graham originally provided nearly 50 years ago.
The other two ejector system orders will be installed at an oil sands upgrader facility located in Alberta, Canada as part of an ongoing project to increase upgrading capacity in that region.
“We believe that the evolving landscape of hydrocarbon resources continues to create new opportunities for Graham’s engineered-to-order solutions. These recent awards reinforce our reputation as a trusted manufacturer and provider of quality systems,” concluded Mr. Lines.