Northwest Pipe Company announced today its single largest order for its energy products. The Company received a $10.6 million order from a Houston-based distributor focused on serving the oil and gas industry. Approximately two thirds of the order will be put into use as gas gathering pipe in domestic gas fields. The final third will be exported to Ghana, where it will be used in a tank storage farm.
“We are very pleased to see this size of order for our energy products,” said Brian W. Dunham, president and chief executive officer of the Company. “This continues our pattern of success in penetrating the energy markets. We intend to build on this as we add our new facility in Houston next year and extend our product lines.”
Dunham went on to say this order would be produced in Atchison, Kansas and would likely be shipped in the fourth quarter. “While this won’t impact our second quarter results, it is indicative of the strong activity we are seeing in both our Tubular Products and our Water Transmission groups,” said Dunham. “While we expect strong performances from both groups during the second quarter, the Tubular Products Group, in particular, is performing well above our expectations.”
Northwest Pipe Company manufactures welded steel pipe and other products in two business groups. Its Water Transmission Group is the leading supplier of large diameter, high-pressure steel pipe products that are used primarily for water infrastructure in North America. Its Tubular Products Group manufactures smaller diameter steel pipe for a wide range of construction, agricultural, energy, industrial, and mechanical applications. The Company is headquartered in Vancouver, Washington and has ten manufacturing facilities across the United States and Mexico.
This release contains forward-looking statements, including but not limited to those made by Mr. Dunham and those regarding the order described above. These statements reflect management’s current views and estimates of market circumstances, industry conditions and Company performance. Actual results could vary materially from the description contained herein due to many factors including market demand, operating efficiencies, availability and price of raw materials, and other risks described from time to time in the Company’s reports to the Securities and Exchange Commission.
For more information contact:
Source: Northwest Pipe Company