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.
Frederic M. Burditt, 781-270-1200
Chief Financial Officer