CLEVELAND, Sept. 30, 2013 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq: GTLS ), today announced that Stabilis FHR Oilfield LNG LLC, a venture between Stabilis Energy LLC and Flint Hills Resources, LLC ("Stabilis FHR"), has awarded Chart's wholly-owned subsidiary, Chart Energy & Chemicals, Inc. ("Chart E&C"), a contract to provide its standard C100N liquefaction plant. The plant, which is designed to produce 100,000 gallons of liquefied natural gas ("LNG") per day, will be located in George West, Texas and is expected to commence production in January 2015 for high horsepower oilfield fuel applications in the Eagle Ford Shale.
The contract also provides a framework for Stabilis FHR to purchase up to four additional LNG liquefaction facilities from Chart E&C, for rapid deployment as Stabilis FHR executes on its plan to build additional LNG liquefiers serving oilfield fuel consumers. Chart E&C has reserved production slots for these additional plants. Stabilis FHR plans to commence production at these additional facilities between 2015 and 2017.
The four additional LNG liquefaction plants will be able to produce either 100,000 gallons or 250,000 gallons per day. All the plants are complete package solutions for the liquefaction of natural gas and feature Chart E&C's proprietary liquefaction technology. Key equipment packages, comprised of brazed aluminium heat exchangers, cold boxes, storage tanks and load-out facilities, are designed in-house, and manufactured and fabricated in Chart's facilities. This vertically integrated approach delivers a fast-track schedule and earlier commencement of LNG production.
"Both Chart and Stabilis FHR have a shared commitment to providing customers with a cost efficient, safe alternative to diesel and other distillate fuels and we look forward to delivering these plants and continuing our relationship with Stabilis FHR to support their growth in LNG," commented Mike Durkin, President of Chart E&C.
Certain statements made in this news release are, or imply forward-looking statements, such as statements concerning business plans, objectives, market trends, future revenue, performance, and other information that is not historical in nature. These statements are made based on Chart's expectations concerning future events and are subject to factors and uncertainties that could cause actual results to differ materially, such as cyclicality of product markets and vulnerability of markets to economic downturns, a delay or reduction in customer purchases, including any delay or reduction in orders for additional LNG plants by Stabilis FHR, competition, fluctuations in energy prices or changes in government energy policy, management of fixed-price contract exposure, reliance on the availability of key supplies and services, pricing and availability of raw materials, and modification or cancellation of customer contracts. For a discussion of these and additional factors that could cause actual results to differ from forward-looking statements, see Chart's filings with the Securities and Exchange Commission, including Item 1A - Risk Factors, of Chart's most recent Annual Report on Form 10-K. Chart undertakes no obligation to update or revise any forward-looking statement.
Chart is a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: http://www.chartindustries.com .
Ken Webster Vice President, Chief Accounting Officer and Controller 216-626-1216 Chris Rioux Manager of Investor Relations and Financial Planning 216-626-1216
