New York-based Graham has been awarded orders for two projects in Asia and one in Latin America
Image: Graham has been awarded three oil refining projects in Asia and Latin America. Photo courtesy of Markus Naujoks from Pixabay.
Graham has been awarded orders valued at $19m (£15.37m) for three international projects in its crude oil refining market.
The orders have been secured for two projects in Asia and one in Latin America.
One of the orders is for modernisation of a Southeast Asia refinery
The first order is for a Southeast Asia refinery and involves expansion and modernisation project at the refinery for the production of cleaner transportation fuels.
The second project in Asia is for new capacity in the China crude oil refining market.
The third order is based in Latin America and involves replacing equipment that Graham originally supplied in the mid-1970s.
Graham said that the revenue associated with each of the projects will be recognised by the financial year of 2021, with minimal impact in fiscal 2020.
Graham’s president and CEO James Lines said: “These orders contribute to backlog for fiscal 2021 shipments. At this point in time, we are fortunate to have insight into our next fiscal year’s revenue and profitability potential. We continue to believe that fiscal 2021 will represent a third consecutive year of revenue and profit expansion for Graham.
“We believe that our ability to garner demand originating from our installed base as well as from new global capacity investment is a distinct advantage for Graham. Each year, we derive approximately 30% to 40% of our revenue from our large installed base. We continue to have strong participation in global crude oil refining markets with a high success rate for securing new orders.”
In September 2018, the US-based construction company, Graham was awarded three orders totaling $17.5m (£14.16m).
The first project was to provide vacuum condensers and ejector systems for a new petrochemical facility to be built in the U.S. Gulf Coast.
The second order involved providing ejector systems for capacity expansion at a Mideast crude oil refinery.
The third order was for replacing a Graham surface condenser that was installed in a US crude oil refinery over 40 years ago.