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MarketScreener Homepage  >  Equities  >  Nasdaq  >  ENGlobal Corporation    ENG

ENGLOBAL CORPORATION

(ENG)
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ENGlobal Signs $20 Million-Plus Contract to Supply Modular Hydrogen Plant for Renewable Diesel Facility

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11/08/2019 | 07:00am EDT

Houston, Nov. 08, 2019 (GLOBE NEWSWIRE) -- ENGlobal Corporation (NASDAQ:ENG), a leading provider of engineered modular process and automation systems, today announced it has signed an agreement valued in excess of $20 million to supply process modules that will be used to construct a complete hydrogen production facility. The total sum expected under this contract could exceed ENGlobal’s $25.8 million revenues for the first half of 2019, with the Company’s scope of work potentially being increased over the 18-month project duration. 

ENGlobal’s compact plant will be a major component of a grass roots renewable diesel facility with an expected maximum production of 10,000 barrels of renewable diesel per day. ENGlobal’s services will include engineering, detailed design, procurement, module fabrication and automation, with other project responsibilities such as field construction being handled by others.  

The hydrogen unit design utilizes Haldor Topsoe technology.  This highly efficient synthesis gas process consumes approximately 20% less feed and fuel gas than conventional hydrogen plants, and produces no excess steam, leading to substantially lower operating costs and a far smaller carbon footprint. It will mark the first time this innovative technology will be used in the United States, after more than 40 successful implementations worldwide. 

“This agreement is a significant event in the history of ENGlobal,” said Chairman and CEO William A. Coskey, P.E. “Not only does it introduce to the U.S. market an efficient and environmentally-friendly syngas process, it also validates our strategic shift toward providing higher-revenue modular process systems that utilize differentiated technology. We fully expect this win to greatly enhance our ability to secure additional modular systems business using this and other related technologies.”

Mr. Bruce Williams, Senior Vice President of ENGlobal stated, “I am proud to be part of the excellent and mutually beneficial working relationship we have in place with Haldor Topsoe.  The jobs we are currently proposing range from $25M to $125M and typically involve renewable fuels, refining, chemicals and fuel cell applications.  ENGlobal offers a full range of capabilities to engineer, fabricate and automate these plants, with each application realizing significant cost and schedule benefits through the company’s modular execution strategy.”

Mr. Coskey said he expected to announce details on future contract opportunities “in the near future.”

About ENGlobal

ENGlobal (NASDAQ: ENG) is a leading provider of engineered modular solutions 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, integration and implementation of process distributed control and analyzer systems, advanced automated data gathering systems and information technology. Within the Automation segment, ENGlobal's Government Services group provides engineering, design, installation and operation and maintenance of various government, public sector and international facilities, and specializes in the turnkey installation and maintenance of automation and instrumentation systems for the U.S. Defense industry worldwide. The Engineering segment provides multi-disciplined engineering services relating to the development, management and execution of projects requiring professional engineering and related project management services. 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 regarding 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. Actual results and the timing of certain events, particularly the timing, scope and amount of this project award and its execution, could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in ENGlobal's filings with the Securities and Exchange Commission. In addition, reference is hereby made to cautionary statements set forth in the Company's most recent reports on Form 10-K and 10-Q, and other SEC filings.

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Contacts:

Mark A. Hess, CFO
(281) 878-1000
 ir@ENGlobal.com

Market Makers - Investor Relations
Jimmy Caplan
512-329-9505
jimmycaplan@me.com

Market Makers - Media Relations
Rick Eisenberg
212-496-6828
eiscom@msn.com

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© GlobeNewswire 2019
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Financials (USD)
Sales 2019 56,4 M - -
Net income 2019 -1,47 M - -
Net cash 2019 5,81 M - -
P/E ratio 2019 -18,5x
Yield 2019 -
Capitalization 28,2 M 28,2 M -
EV / Sales 2018 0,23x
EV / Sales 2019 0,38x
Nbr of Employees 251
Free-Float 50,5%
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Managers
NameTitle
William A. Coskey Chairman, President & Chief Executive Officer
Mark Allen Hess Chief Financial Officer, Secretary & Treasurer
Randall B. Hale Independent Director
David W. Gent Lead Independent Director
David C. Roussel Independent Director
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