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October
16, 2002
FEROX AWARDED NORWEGIAN LNG ORDERS
Decin, Czech Republic – October 16, 2002 – Ferox a.s., in Decin, Czech Republic, announced today that it has been awarded new orders to supply semi-trailers and terminals for liquid natural gas (“LNG”) for use in Norway’s growing LNG market.
Naturgass Vest and Gasnor are established to provide energy alternatives to large industrial users along Norway’s west coast and both are currently constructing liquefaction facilities for pipeline natural gas from Norway’s North Sea gas fields. Distribution of LNG to these users will be by water and land.
Ferox will supply Naturgass Vest (NGV) with three 500,000 liter tanks for a major terminal located at Sunndalsoera where Hydro Aluminum is preparing a large addition to their aluminum works, the most modern in Europe. Options to supply equipment for an additional NGV terminal will likely be exercised next month.
Also, NGV has contracted with Ferox to supply two semi-trailers for LNG. This Ferox model features gross payload capacity of 56 m3 and is specifically designed to meet the challenges of the unique road conditions on Norway’s West Coast. .
Gasnor has placed orders with Ferox for two tank terminals for gas applications. Earlier this year, Ferox received an order for a 256,000 liter tank for Hamworthy KSE to be used for LNG storage at the liquefaction facility being built for Gasnor.
In order to position itself as supplier-of-choice to the LNG industry and to assist in providing and building the required infra-structure, Ferox is forming two key strategic partnerships:
• With local Norwegian engineering and fabricator company to provide turn-key LNG terminal installations using Ferox-built storage and vaporization equipment and
• with OMSP Macola of Padova, Italy to assure that Ferox LNG semi-trailers embody the ultimate in vacuum technology, enhanced economics and road worthiness.
Gerd Kirchgassner, Chairman and CEO of Ferox, commented, “With these orders and options, worth in excess of six million Euros, Ferox has carved an attractive niche in the growing LNG market in Norway and elsewhere in Europe. The successful execution of these projects will no doubt create promising and continuing market opportunities and new outlets for Ferox cryogenic products.”
Ferox is one of Europe’s major manufacturers of cryogenic equipment. Standard tanks range from 2,000 to 60,000 liters and the engineered tanks have volumes up to 500,000 liters. Semi trailers, ISO containers, vacuum-insulated pipes, vaporizers and transportable cryogenic containers complete the Ferox portfolio of products.
Ferox’ major shareholder Chart Industries, Inc. Of Cleveland, OH, manufactures standard and custom-built industrial process equipment primarily for low-temperature and cryogenic applications. Headquartered in Cleveland, Ohio, Chart has domestic operations located in 12 States and international operations located in Australia, China, the Czech Republic, Germany and the United Kingdom.
