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05-04-2018

Graham Corporation receives two Gulf Coast petrochemical industry orders

Graham Corporation, a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, announced today that it received two orders totaling approximately $4 million, both for the petrochemical industry in U.S. Gulf Coast ethylene plants.

Both of the orders are for replacement components within the Company’s installed base, for two separate petrochemical upgrade projects. One involves replacing two Graham steam surface condensers that were installed in 1996. That equipment will be updated with more corrosion resistant material. The other award is for replacement parts and components for an onsite upgrade of the two existing surface condensers. Equipment delivery for both orders is planned for fiscal 2019.

James R. Lines, Graham’s President and Chief Executive Officer, commented, “The availability of low cost natural gas from shale development continues to spur investments by North American petrochemical companies in new capacity as well as revamps and debottlenecking projects. Graham has a large installed base that creates opportunities such as these two projects as well as several other projects with which the Company has been awarded since the last wave of new capacity investments.”

He added, “We have begun to identify a number of investments in our pipeline for a second wave of petrochemical new capacity. While encouraged, we continue to believe that its pace and size will not be as strong as the 2013-2014 wave.”
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