Capstone Secures New Orders from Major Oil and Gas Producer for Offshore Platforms
15 October 2018 - 11:30PM
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems, announced today that it has secured
additional orders for multiple C65s that will be used on numerous
offshore platforms located off the coast of Malaysia and Brunei.
These new orders mark the second significant order in October for
one of the world’s largest oil and gas producers.
The multiple orders for a total of six C65 high humidity
offshore units were secured by Serba Dinamik, Capstone’s
distributor in the Asia Pacific region. The units will be packaged
into ATEX-certified packages by Serba Dinamik with support from
Capstone and utilized in a stand-alone primary power application.
The platforms are unmanned wellhead gas platforms off the coast of
Malaysia and Brunei. The large oil and gas producer was looking to
replace and upgrade existing obsolete traditional power generation
equipment, and the oil producer turned to Capstone microturbines
for their reliability and maintainability.
“Capstone has a long history of successful operation in all
phases of the oil and gas industry around the world,” said Darren
Jamison, President and Chief Executive Officer of Capstone. “As the
oil and gas market continues to recover, we expect to see more
follow-on orders from companies looking to reduce their operating
expenses while simultaneously reaching their environmental and
emission goals,” added Mr. Jamison.
Often used for oil and gas exploration, Capstone’s
ATEX-certified C65s are designed to meet the special requirements
for offshore applications which includes special corrosion
protection and optional features. Capstone microturbines are ideal
for offshore platforms due to their small modular design, less
sensitivity to gas quality, and reliability in harsh environments.
Capstone microturbines feature a patented air bearing technology
with only one moving part, making them rugged, reliable, and a
perfect solution for the oil and gas industry.
With the rising price of crude oil prices forecasted to stay
above the $65 per barrel through 2019, the oil and gas exploration
market in Asia is expected to continue. Since 2015, Malaysia has
experienced a growth in oil production and reserves that now
accounts for 20 to 30 percent of the country’s Gross Domestic
Product (GDP) according to the International Trade
Administration.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST) is the world’s leading producer of low-emission microturbine
systems and was the first to market commercially viable
microturbine energy products. Capstone has shipped over 9,000
Capstone Microturbine systems to customers worldwide. These
award-winning systems have logged millions of documented runtime
operating hours. Capstone is a member of the U.S.
Environmental Protection Agency’s Combined Heat and Power
Partnership, which is committed to improving the efficiency of the
nation's energy infrastructure and reducing emissions of pollutants
and greenhouse gases. A DQS-Certified ISO 9001:2015 and ISO
14001:2015 certified company, Capstone is headquartered in
the Los Angeles area with sales and/or service centers in
the United States, Latin America, Europe, Middle East and
Asia.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements,” as
that term is used in the federal securities laws. Forward-looking
statements may be identified by words such as “expects,”
“believes,” “objective,” “intend,” “targeted,” “plan” and similar
phrases. These forward-looking statements are subject to numerous
assumptions, risks and uncertainties described in Capstone’s
filings with the Securities and Exchange Commission that may cause
Capstone’s actual results to be materially different from any
future results expressed or implied in such statements. Capstone
cautions readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. Capstone undertakes no obligation, and specifically
disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after
the date of this release or to reflect the occurrence of
unanticipated events.
“Capstone” and “Capstone Microturbine” are registered trademarks
of Capstone Turbine Corporation. All other trademarks
mentioned are the property of their respective owners.
CONTACT:
Capstone Turbine CorporationInvestor and investment media
inquiries:818-407-3628ir@capstoneturbine.com
Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Jun 2024 to Jul 2024
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Jul 2023 to Jul 2024