Matrix Service Company Announces Award for Large, Dual Service Full Containment Storage Tank for Delaware River Partners Along the East Coast
Matrix Service Company (Nasdaq: MTRX) has been awarded engineering, fabrication, and construction work for a 100,000 m3 full containment storage tank project in Gibbstown, New Jersey. The project, awarded by Cashman Preload Cryogenics for Delaware River Partners, features a unique dual-service design capable of storing both Liquid Ammonia and Liquid Propane Gas (LPG). The contract specifically covers the inner steel tank scope and was included in the company's backlog for the first quarter of fiscal 2025.
Matrix Service Company (Nasdaq: MTRX) ha ottenuto un contratto per ingegneria, fabbricazione e costruzione di un progetto per un serbatoio di stoccaggio a contenimento totale da 100.000 m3 a Gibbstown, nel New Jersey. Il progetto, assegnato da Cashman Preload Cryogenics per Delaware River Partners, prevede un design unico a doppio servizio, in grado di stoccare sia ammoniaca liquida che gas propano liquido (LPG). Il contratto copre specificamente l'ambito del serbatoio interno in acciaio ed è stato incluso nel backlog dell'azienda per il primo trimestre dell'anno fiscale 2025.
Matrix Service Company (Nasdaq: MTRX) ha sido premiada con un contrato de ingeniería, fabricación y construcción para un proyecto de tanque de almacenamiento de contención total de 100,000 m3 en Gibbstown, Nueva Jersey. El proyecto, otorgado por Cashman Preload Cryogenics para Delaware River Partners, presenta un diseño único de doble servicio capaz de almacenar tanto amoníaco líquido como gas propano líquido (LPG). El contrato cubre específicamente el alcance del tanque interior de acero y fue incluido en la lista de pedidos de la empresa para el primer trimestre del año fiscal 2025.
Matrix Service Company (Nasdaq: MTRX)는 뉴저지주 깁스타운에서 100,000 m3의 완전 밀폐 저장 탱크 프로젝트에 대한 엔지니어링, 제조 및 건설 업무를 수주했습니다. 이 프로젝트는 Delaware River Partners를 위한 Cashman Preload Cryogenics에 의해 수여되었으며, 액체 암모니아 및 액체 프로판 가스(LPG)를 동시에 저장할 수 있는 독특한 이중 서비스 디자인을 특징으로 합니다. 계약은 특히 내부 금속 탱크 범위를 다루며, 2025 회계 연도 첫 분기의 회사 backlog에 포함되었습니다.
Matrix Service Company (Nasdaq: MTRX) a reçu un contrat d'ingénierie, de fabrication et de construction pour un projet de réservoir de stockage à conteneur complet de 100 000 m3 à Gibbstown, dans le New Jersey. Le projet, attribué par Cashman Preload Cryogenics pour Delaware River Partners, présente un design unique à double service capable de stocker à la fois ammoniac liquide et gaz propane liquide (LPG). Le contrat couvre spécifiquement le périmètre du réservoir intérieur en acier et a été inclus dans le carnet de commandes de l'entreprise pour le premier trimestre de l'exercice 2025.
Matrix Service Company (Nasdaq: MTRX) wurde mit Ingenieur-, Fertigungs- und Bauarbeiten an einem 100.000 m3 vollumfänglichen Lagerbehälter Projekt in Gibbstown, New Jersey, beauftragt. Das Projekt, das von Cashman Preload Cryogenics für Delaware River Partners vergeben wurde, weist ein einzigartiges Dual-Service-Design auf, das sowohl flüssiges Ammoniak als auch flüssiges Propangas (LPG) speichern kann. Der Vertrag umfasst speziell den inneren Stahlbehälter und wurde in das Auftragsvolumen des Unternehmens für das erste Quartal des Geschäftsjahres 2025 aufgenommen.
- Secured major contract for 100,000 m3 dual-service storage tank construction
- Project adds to company's backlog in Q1 FY2025
- Strategic expansion in LPG export infrastructure market
- None.
Insights
The award of a 100,000 m3 dual-service full containment storage tank project represents a significant contract win for Matrix Service Company. This type of infrastructure is particularly valuable due to its flexibility in storing either Liquid Ammonia or LPG, addressing the growing U.S. LPG export market. The strategic location in Gibbstown, New Jersey, positions the project well to serve East Coast export operations.
The contract's scope includes engineering, fabrication and construction of the inner steel tank component. While the exact contract value isn't disclosed, projects of this scale typically range from
The dual-service capability is particularly noteworthy as it provides operational flexibility and potential for higher utilization rates, which could translate to better returns for the facility operator. This contract reinforces Matrix's position in the growing LPG export infrastructure sector, which has seen substantial expansion due to increased global demand for U.S. energy products.
TULSA, Okla., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX), a leading contractor to the energy and industrial markets across North America, today announced that it has been awarded engineering, fabrication, and construction work for the inner steel tank scope of work on a 100,000 m3 full containment storage tank with Cashman Preload Cryogenics for Delaware River Partners located in Gibbstown, New Jersey.
The tank’s unique dual-service design provides maximum operational flexibility, allowing for storage of Liquid Ammonia or Liquid Propane Gas (LPG).
“We are proud to be a part of building out this critical infrastructure, which supports the significant increase in U.S. LPG exports over the last several years as countries worldwide rely on U.S. supplies of fuel and petrochemical,” said Matrix President and CEO John R. Hewitt. “With deep expertise in cryogenic storage and terminal solutions, we look forward to delivering our work on this project with our focus on ensuring best-in-class quality and safety.”
The project was taken into backlog in the first quarter of fiscal 2025.
Matrix Service Company
Matrix Service Company (Nasdaq: MTRX), through its operating companies, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.
The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our most recent Sustainability Report.
For more information about Matrix, please contact:
Kellie Smythe
Matrix Service Company
Senior Director, Investor Relations
T: 918-359-8267
Email: ksmythe@matrixservicecompany.com
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
FAQ
What is the size of the storage tank project awarded to Matrix Service Company (MTRX)?
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