Capstone Secures New Orders from Major Oil and Gas Producer for Offshore Platforms
VAN NUYS, Calif., Oct. 15, 2018 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has secured additional orders for multiple C65s that will be used on numerous offshore platforms located off the coast of Malaysia and Brunei. These new orders mark the second significant order in October for one of the world’s largest oil and gas producers.
The multiple orders for a total of six C65 high humidity offshore units were secured by Serba Dinamik, Capstone’s distributor in the Asia Pacific region. The units will be packaged into ATEX-certified packages by Serba Dinamik with support from Capstone and utilized in a stand-alone primary power application. The platforms are unmanned wellhead gas platforms off the coast of Malaysia and Brunei. The large oil and gas producer was looking to replace and upgrade existing obsolete traditional power generation equipment, and the oil producer turned to Capstone microturbines for their reliability and maintainability.
“Capstone has a long history of successful operation in all phases of the oil and gas industry around the world,” said Darren Jamison, President and Chief Executive Officer of Capstone. “As the oil and gas market continues to recover, we expect to see more follow-on orders from companies looking to reduce their operating expenses while simultaneously reaching their environmental and emission goals,” added Mr. Jamison.
Often used for oil and gas exploration, Capstone’s ATEX-certified C65s are designed to meet the special requirements for offshore applications which includes special corrosion protection and optional features. Capstone microturbines are ideal for offshore platforms due to their small modular design, less sensitivity to gas quality, and reliability in harsh environments. Capstone microturbines feature a patented air bearing technology with only one moving part, making them rugged, reliable, and a perfect solution for the oil and gas industry.
With the rising price of crude oil prices forecasted to stay above the $65 per barrel through 2019, the oil and gas exploration market in Asia is expected to continue. Since 2015, Malaysia has experienced a growth in oil production and reserves that now accounts for 20 to 30 percent of the country’s Gross Domestic Product (GDP) according to the International Trade Administration.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq: CPST) is the world’s leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped over 9,000 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone is a member of the U.S. Environmental Protection Agency’s Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A DQS-Certified ISO 9001:2015 and ISO 14001:2015 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the United States, Latin America, Europe, Middle East and Asia.
This press release contains “forward-looking statements,” as that term is used in the federal securities laws. Forward-looking statements may be identified by words such as “expects,” “believes,” “objective,” “intend,” “targeted,” “plan” and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone’s filings with the Securities and Exchange Commission that may cause Capstone’s actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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Released October 15, 2018