Graham Corporation (NYSE Amex: GHM), a global designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, including the supply of components and raw materials to nuclear power plants, today announced that it has been awarded two orders totaling $4.7 million.
One of the orders is for a vacuum system for an oil refinery under construction in the Middle East, with delivery planned for Graham's first quarter of fiscal 2013, which ends June 30, 2012. The second order is for a steam surface condenser in a cogeneration plant in the United States, with an expected delivery in Graham's fourth quarter of fiscal 2012, a period ending March 31, 2012.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The oil refining markets in the Middle East are expanding, with plans to add refining and petrochemical production capability throughout the region over the next four to five years. We have an excellent reputation for delivering critical services to oil refineries and petrochemical production plants, and this new contract adds to our recent successes on projects at two other refineries now under construction in the region.”
“Investment in alternative energy facilities in the United States is also active, and we continue to win bids in this growing market as we are successfully expanding our market share. The outlook in all of our markets remains positive and we continue to believe that we are in the early stages of a recovery,” added Mr. Lines.