HOUSTON, TX, June 06, 2018 (GLOBE NEWSWIRE) -- ENGlobal (NASDAQ: “ENG”) announced today its recently formed alliance task force that when fully staffed is expected to result in incremental revenue in excess of $6 million per year for the Company. This newly dedicated group has been organized to perform engineering and project related services on a planned, multiyear series of projects on behalf of a major independent exploration and production company.
Initially, ENGlobal’s efforts will be directed to oil and gas well site and centralized production facilities that are based on a standardized, modular design methodology. Based on the currently planned scopes of work, the Company believes this task force could grow to over 30 full-time employees over the course of this year. The task force is currently staffed at just over half this level, with a majority being new hires having related experience. The Company also sees excellent potential in extending the standardized, modular design methodology to additional facility types for its clientele.
Michael M. Patton, P.E., Senior V.P. stated: “ENGlobal is honored to be selected to support our valued client in this important multi-year program. We fully expect that our client will realize significant value through our association - in terms of design efficiencies, lower installed cost, expedited schedule, and a safer work environment that is provided through modularization. ENGlobal is very well positioned for assignments such as this one, given our exceptional, full-service capabilities for engineering, designing, fabricating and automating modular engineered systems.”
ENGlobal (ENG) is a provider of engineering and automation services primarily 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, fabrication and implementation of distributed control, instrumentation and process analytical systems. Within the Automation segment, ENGlobal’s Government Services group provides engineering, design, installation, operations, and maintenance of various government, public sector, and international facilities, specializing in turnkey automation and instrumentation systems for the U.S. Defense industry worldwide. The Engineering segment provides consulting and fabrication services for the development, management and execution of projects requiring professional engineering, construction management, fabrication and related support 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, including the size of the internal task force, the scope of work to be performed by the internal task force and the timing of the receipt of and the amount of projected incremental annual revenue to be provided by the internal tax force. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ENGlobal’s filings with the Securities and Exchange Commission, including the Company’s most recent reports on Form 10-K and 10-Q, and other SEC filings.
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