ENGlobal Announces $8.3 Million in New Business
HOUSTON, TX / ACCESSWIRE / May 27, 2020 / ENGlobal (NASDAQ:ENG), a leading provider of engineered modular solutions, today announced it had secured $8.3 million in new business thus far in the second quarter of this year, which represents new purchase orders plus additional scope on existing agreements. Highlights of the significant new work includes:
Additional scope of work valued at $2.8 million on a Midwestern U.S. renewable diesel facility;
A signed extension worth $2.1 million for analytical equipment and support services at a major refinery;
Two purchase orders totaling $900 thousand to design and supply analytical buildings for a Louisiana petrochemical plant; and
A subsea controls contract valued at $500 thousand for technical support services on ENGlobal’s proprietary UMCS (Universal Master Control Station).
Revenue from the above projects is expected to be recognized over the course of this year.
"Given the current economic environment, we are pleased to announce this group of diverse projects and scope of work extensions," said CEO William Coskey, P.E. "We continue to pursue much larger modular automation systems and process plant awards that would significantly add to our backlog. These opportunities and proposals are in various stages of development, and we expect to provide further information as the year progresses."
ENGlobal (Nasdaq:ENG) is a provider of engineering and automation services primarily to the energy sector throughout the United States and internationally. ENGlobal operates through two business segments: Automation and Engineering. ENGlobal’s Automation segment provides services related to the design, fabrication and implementation of distributed control, instrumentation and process analytical systems. The Engineering segment provides consulting services for the development, management and execution of projects requiring professional engineering, construction management, and related support services. Within ENGlobal’s Engineering segment, ENGlobal Government Services, Inc. provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. Further information about the Company and its businesses is available at www.ENGlobal.com.
Safe Harbor for Forward-Looking Statements
The statements above regarding the Company’s expectations, its operations and certain other matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws and are subject to risks and uncertainties For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal’s filings with the Securities and Exchange Commission, including the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
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Mark A. Hess
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SOURCE: ENGlobal Corporation
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