Graham Corporation (NYSE MKT: GHM) (“Graham” or the “Company”), 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 four orders totaling $7 million for the North and South American refining, chemical/petrochemical and power markets. The projects are expected to ship during the first three quarters of fiscal 2015.
Two of the orders are for steam surface condensers to be installed at fertilizer facilities in the US. The first condenser will be installed in the power generation plant of an existing fertilizer production operation and will be used to convert waste steam to electricity. The second surface condenser will be installed at a new world-scale grassroots ammonia and urea fertilizer complex. The third order, also for a US application, is for replacement heat exchangers for a nuclear utility. Finally, the Company will supply ejector system replacement condensers for a South American oil refiner.
James R. Lines, Graham’s President and Chief Executive Officer, commented, “The low cost of natural gas continues to create opportunities for our products. Natural gas is a primary feedstock for ammonia and urea production. One of our orders will be installed in a facility that represents the first of its scale to be built in the US in over 15 years. Further, we believe that our large global installed base will continue to drive replacement demand as worldwide refining facilities upgrade and expand.
“We believe that we are in a strong position to address the growing demand correlated to the solid bidding pipeline that we have been experiencing over the last 12 months. We believe that these recent orders are indicative of our customers’ commitments to these types of projects and their willingness to invest at this point in the cycle,” concluded Mr. Lines.