CIRCOR Energy Products Receives Contract in Renewable Energy Market for London Array Wind Farm
19 November 2010 - 9:05AM
Business Wire
CIRCOR International, Inc. (NYSE: CIR), a provider of valves and
other highly engineered products and subsystems that control the
flow of fluids safely and efficiently in the aerospace, energy and
industrial markets, today announced that Pipeline Engineering, a
subsidiary of its Energy Products Group, has won a £7.75 million
contract with London Array Limited. Pipeline Engineering will
supply a proprietary system to protect export and array cables
between 175 offshore wind turbines, two offshore and one onshore
substation. The contract was included in CIRCOR’s recently
announced third-quarter 2010 bookings and backlog.
“The London Array project represents a significant opportunity
for CIRCOR Energy Products to expand our presence into an adjacent
market as we establish our brand in the renewable energy space,”
said Paul Coppinger, president, CIRCOR Energy Products Group. “We
are leveraging our technological know-how in offshore oil and gas
to provide London Array with a proprietary diver-less cable
protection system that is easy to install, and thus, much less
costly in comparison to existing market systems. We greatly look
forward to participating in this major renewable energy
project.”
The London Array wind farm, which will be built approximately 12
miles off the Kent and Essex coasts in the outer Thames estuary, is
expected to be the largest offshore wind farm in the world.
Pipeline Engineering was contracted for the first 630MW Phase of
the project, which includes the installation of 175 turbines
starting in 2011. Shipments are expected to occur throughout 2011.
When completed, the wind farm will comprise up to 341 turbines
supplying 1 Gigawatt (1 GW) of electricity, enough to power a
quarter of Greater London homes (750,000).
The wind farm turbine towers and substations are interconnected
via subsea array cables and subsea export cables that require
protecting during deployment and during service life from movement
due to wave action and other turbulence across the exposed monopile
scour zone. Pipeline Engineering’s proprietary PEFLEX® Cable
Protection System, patents pending, provides abrasion
protection, impact protection, fatigue protection and cable over
bending protection while facilitating quicker deployment and
reducing installation costs. Pipeline Engineering is currently
constructing a purpose-built manufacturing cell for the project
that incorporates the latest in Lean Manufacturing processes at its
headquarters in Catterick, North East of England.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Reliance should not be placed on forward-looking
statements because they involve unknown risks, uncertainties and
other factors, which are, in some cases, beyond the control of
CIRCOR. Any statements in this press release that are not
statements of historical fact are forward-looking statements,
including, but not limited to, those relating to CIRCOR’s future
performance, including its contract with London Array Limited.
Actual events, performance or results could differ materially from
the anticipated events, performance or results expressed or implied
by such forward-looking statements. BEFORE MAKING ANY INVESTMENT
DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE
SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON
FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE
ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT
WWW.CIRCOR.COM. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
About CIRCOR International, Inc. CIRCOR International,
Inc. designs, manufactures and markets valves and other highly
engineered products and subsystems that control the flow of fluids
safely and efficiently in the aerospace, energy and industrial
markets. With more than 9,000 customers in over 100 countries,
CIRCOR has a diversified product portfolio with recognized,
market-leading brands. CIRCOR’s culture, built on the CIRCOR
Business System, is defined by the Company’s commitment to
attracting, developing and retaining the best talent and pursuing
continuous improvement in all aspects of its business and
operations. The Company’s strategy includes growing organically by
investing in new, differentiated products; adding value to
component products; and increasing the development of
mission-critical subsystems and solutions. CIRCOR also plans to
leverage its strong balance sheet to acquire strategically
complementary businesses. For more information, visit the Company’s
investor relations web site at http://investors.circor.com.
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