Matrix Service Signs LNG Collaboration Agreement With Mitsubishi Heavy Industries
biz.yahoo.com
Thursday February 5, 6:00 am ET
TULSA, Okla., Feb. 5 /PRNewswire-FirstCall/ -- Matrix Service Co. (Nasdaq: MTRX - News), a leading industrial services company today announced the signing of a Collaboration Agreement with Mitsubishi Heavy Industries, Ltd. ("MHI") to design and construct LNG above-ground storage tanks in the United States. MHI will be responsible for engineering and design and Matrix will be responsible for the construction of the LNG tanks.
MHI has extensive experience in above-ground and in-ground LNG storage having designed and built among the world's largest LNG tanks in each class. In addition to designing and building 26 LNG in-ground tanks and 13 LNG above- ground tanks, MHI has developed the world's first observation system with an integral camera and lighting unit that permits observation of the internal area of a cryogenic LNG storage tank in liquid without hindering the tank operation.
Brad Vetal, president and CEO of Matrix Service said, "We are pleased to work with MHI, a company with a demonstrated track record of success in designing and building LNG storage around the world. The LNG market is growing and the collaboration with MHI will make it possible for Matrix to take advantage of this emerging opportunity."
MHI and Matrix have recently submitted a joint bid to construct six LNG tanks and anticipate a number of other opportunities will arise in the next three to five years.
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