Company Press Release
UNIFAB International, Inc. Announces New Contract Awards
NEW IBERIA, La.--(BUSINESS WIRE)--April 20, 1999--UNIFAB INTERNATIONAL, INC. (NASDAQ: UFAB - news) and subsidiary Allen Process Systems today announced recent new contract awards of in excess of $20.5 million for projects in Egypt, Equatorial Guinea, Nigeria and the Gulf of Mexico. These projects add to the current backlog of work that, as a corporate strategy, UNIFAB has maintained at a relatively consistent level.
''This new work will solidify UNIFAB's ability to maintain and grow its work force to prepare for the inevitable turnaround that is materializing as a result of higher crude oil and natural gas prices,'' noted Dailey J. Berard, UNIFAB International Inc.'s President, CEO and Chairman of the Board. ''The combination of Allen Process Systems with UNIFAB is proving to be a powerful marketing factor with customers because the enhanced total capability of the Company enables it to bid on more complete packages. UNIFAB is bullishly optimistic for the industry because of the increased number of bid requests both domestically and internationally. Our backlog of outstanding bids submitted but not yet awarded continues to grow. We believe the recovery in crude oil and natural gas prices will allow customers to release the funds necessary to award contracts for these projects in the next two to three quarters. The weakness in worldwide drilling over the past one and one-half years has narrowed the gap between supply and demand for both crude oil and natural gas. We believe a strong recovery in drilling activity will commence before year-end.''
UNIFAB International Inc. is an industry leader in the custom fabrication of topside facilities, equipment modules and other structures used in the development and production of oil and gas reserves. In addition, the Company designs and manufactures specialized process systems, refurbishes and retrofits existing jackets and decks, provides repair, refurbishment and conversion services for oil and gas drilling rigs and performs offshore piping hook-up and platform maintenance services. The UNIFAB group of companies supports all facets of the industry from facilities located at the Ports of Iberia and Lake Charles, Louisiana. UNIFAB also has a sales and engineering office in London and sales representatives in other strategic countries worldwide. Dailey Berard serves as a commissioner on a number of committees and task forces that are working to improve training and education of the workforce in Louisiana.
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Contact:
UNIFAB International Inc., New Iberia
Dailey J. Berard or Pete Roman, 318/367-8291
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