ProSep Announces $12 Million Contract Awards for Large Offshore Project
MONTREAL, QUEBEC--(Marketwire - Nov. 1, 2012) - ProSep Inc. (TSX:PRP) ("ProSep" or the "Company"), dedicated to providing process solutions to the oil and gas industry, today announced that its majority owned South-Korean joint venture ProSep Kolon Company Limited ("ProSep Kolon"), was awarded two contracts for the supply of a seawater filtration package and mercury removal unit for a total value of approximately $12 million. The customers are South-Korean engineering firms selected to perform engineering, procurement and construction ("EPC") of facilities for a large liquid natural gas ("LNG") project located offshore Australia. Delivery is expected to occur in the first quarter of 2014.
"With the support of Kolon Group, one of Korea's most recognized industrial group, we are in a unique position to serve the growing oil and gas engineering and ship building industries in South Korea and China."
ProSep's seawater treatment and water injection offering is a highly efficient alternative to traditional system designs. Designed and delivered as a complete and customized solution, it typically includes membrane ultra-filtration, sulphate removal and vacuum deaeration. Mercury removal units are used to remove corrosive mercury present in natural gas or hydrocarbon condensate. These systems are designed to meet strict weight and size availabilities on floating production platform or processing facilities.
ProSep is a technology-focused process solutions provider to the upstream oil and gas industry. ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit www.prosep.com.
Caution concerning forward-looking statements
This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of ProSep Inc. These statements are based, among others, on the Company's current assumptions, expectations, estimates, objectives, plans and intentions regarding projected revenues and expenses, the economic and industry environments in which the Company operates or which could affect its activities, the Company's ability to attract new clients and consumers as well as its operating costs, raw materials and energy supplies which are subject to a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking information. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to the Company's ability to develop, manufacture, and successfully commercialize value added equipments and services, the availability of funds and resources to continue its operations and pursue its projects, legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where ProSep Inc. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations and Media:
VP Marketing & Corporate Development
(514) 522-5550 ext. 238