HOUSTON, TX / ACCESSWIRE / November 30, 2022 / ENG (NASDAQ:ENG), a leading provider of innovative project delivery solutions for the energy industry, today said that six contract awards announced on the company's November 8, 2022 third quarter results conference call will produce minimum combined revenue of over $12 million, most of which will be recognized in this year's fourth quarter. The awards, which were received thus far in the fourth quarter, include:
- Construction installation services related to two solar farm projects in Texas;
- Signing of a master services agreement (MSA) with a leading integrated oil services company (IOC) resulting in construction and fabrication services for produced water booster station upgrade projects;
- Construction of remote instrument enclosures for a leading IOC in Houston;
- Construction and fabrication services for multiple compressor station upgrade projects in West Texas; and
- Engineering, procurement and construction services for a methanol prover and metering upgrade, compression station upgrades, fabrication of separators and related piping for multiple midstream oil and gas operators out of West Texas and New Mexico.
"We are very excited to receive these awards," said ENG president Roger Westerlind. "Not only will they make a positive impact on our fourth quarter financial performance, but also could stimulate major oil and gas and green energy contracts with these same IOCs going forward."
Mr. Westerlind added that, regarding its gas-to-liquids (GTL) technology, the company, via its OiLSERV partner in the Middle East, is currently bidding on some 10 opportunities with a total value in excess of $100 million and expects to close on at least one of these projects within the next six months.
Many of these opportunities are a direct result of the added production capacity provided by the company's new modular fabrication facility in Brookshire, Texas and its recently opened Permian Basin field services and construction office in Monahans, Texas, and are expected to continue to boost backlog and profitability in 2023, he said.
Lastly, said Mr. Westerlind, ENG's wholly-owned government services division (EGS) has seen a steady ramp-up of revenue in the second half of 2022 and is expected to continue this growth into 2023.
About ENG
ENG (NASDAQ:ENG) is a leading provider of complete project solutions for renewable and traditional energy throughout the United States and internationally. ENG operates through two business segments: Commercial and Government Services. The Commercial segment provides engineering, design, fabrication, construction and integration of automated control systems as a complete packaged solution for its clients. The Government Services segment provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.englobal.com.
Safe Harbor for Forward-Looking Statements
The statements above regarding the Company's expectations, including those relating to its future results, its future operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENG's filings with the Securities and Exchange Commission, including the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.
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SOURCE: ENGlobal
View source version on accesswire.com:https://www.accesswire.com/729377/ENG-Provides-Revenue-Update-on-Recently-Announced-Q4-Contracts
