SPX Secures Approximately $40 Million in Pump Orders For Two Oil Production Platforms in the North Sea

Fri Aug 9, 2013 8:00am EDT

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SPX Secures Approximately $40 Million in Pump Orders For Two Oil Production Platforms in the North Sea

PR Newswire

CHARLOTTE, N.C., Aug. 9, 2013 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that its Flow Technology segment has been awarded two contracts worth a combined total of approximately $40 million for ClydeUnion-branded pumps that will play a vital role in two offshore oil production platforms being constructed in the North Sea.

Under the terms of one contract, SPX will provide a total of six ClydeUnion pumps, including two large, high-pressure water injection pumps, two water injection booster pumps and two diluent pumps.  For the second contract, SPX will supply three ClydeUnion pumps, including a single high-pressure water injection pump along with two oil transfer pumps.  On virtually every offshore oil platform, high-pressure water injection pumps play a critical role in enabling the successful extraction of oil.

"These are significant wins for SPX and will serve to further elevate our competitive presence in the global oil and gas industry," said Tony Renzi, president of Clyde Union.  "We're confident that ClydeUnion's rich heritage and proven expertise in producing these types of large pumps since the 1970s, combined with our large installed base around the world and the close proximity of our manufacturing facility to the North Sea, all helped make us the pump supplier of choice for these two new oil production platform projects."

With a main facility in Glasgow, Scotland, and others in the U.S., Canada, France and the U.K., SPX's ClydeUnion Pumps business has been manufacturing pumps since 1886. 

"For decades, ClydeUnion Pumps have been serving the needs of the global oil and gas industry in various applications in offshore and onshore oil fields, as well as refineries and pipelines around the world," Renzi added.  "As the oil and gas industry continues to evolve, we are applying our pump engineering expertise to produce increasingly more efficient, better performing and more reliable pumps to serve our customers' needs."

About ClydeUnion Pumps

From engineered solutions to aid offshore oil and gas exploration to pumping systems that meet the increasingly tough demands of global refinery systems in remote, far off places, ClydeUnion pumps are utilized in refineries, gas plants, offshore oil platforms and pipelines around the world.  Meeting the demand for high efficiency and reliability, ClydeUnion pumps can also be found on onshore and offshore oilfields, satisfying a wide range of pumping services including high pressure seawater injection, crude oil transfer and the handling of various industry related fluids.  More information on ClydeUnion can be found at http://www.spx.com/en/clydeunion-pumps/.

About SPX

Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with over $5 billion in annual revenue, operations in more than 35 countries and approximately 15,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in Flow Technology and energy infrastructure. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity and processed foods and beverages, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, critical Flow components for oil and gas processing, power transformers for utility companies, and cooling systems for power plants. For more information, please visit www.spx.com.

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read this press release in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "believe," "expect," "anticipate," "project" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.

SOURCE SPX Corporation

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