ENGlobal Awarded Project from Utica East Ohio Midstream
Houston, TX, July 23, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (NASDAQ: ENG), a leading provider of energy-related engineering and automation services, announced today that it has been awarded a project from Utica East Ohio Midstream LLC ("UEO"), to provide engineering and procurement support services at its Leesville cryogenic processing plant. The value of the award to ENGlobal is approximately $5.0 million.
ENGlobal's scope consists of engineering and procurement support services for a control room, condensate stabilization unit, site grading, and design integration services for a 200 million standard cubic feet per day (MMSCFD) cryogenic unit. The Company expects to begin work on the project immediately with project completion anticipated in the second quarter of 2014.
UEO is a joint venture between M3 Ohio Gathering LLC, Access Midstream Partners, L.P., and EV Energy Partners, L.P. and is one of the largest integrated midstream service complexes in eastern Ohio ("UEO Buckeye"). The UEO Buckeye complex currently includes 800 million cubic feet per day of natural gas processing and associated NGL fractionation, loading and terminal facilities. The 200 million cubic feet per day Leesville facility is the second processing plant in UEO Buckeye complex, which will recover natural gas liquids (NGLs) in the liquids-rich Utica shale play, and has a design capacity of up to 600 million cubic feet per day.
"ENGlobal is pleased to be a part of building this major gas processing facility in the Utica shale development," said William A. Coskey, P.E., ENGlobal's President and Chief Executive Officer. "Having been selected for both the engineering and procurement work, ENGlobal is able to provide a greater level of responsibility throughout the scope of the project. We would like to thank UEO for their confidence in our capabilities."
23 July 2013
16 July 2013
ENGlobal Corporation: Sells Engineering and In-Plant Operations to Furmanite
ENGlobal Announces Agreement to Sell Its Gulf Coast Engineering and In-Plant Operations to Furmanite
HOUSTON, July 16, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, announced today that it has signed a definitive agreement under which ENGlobal's Gulf Coast engineering and in-plant operations will be sold to Furmanite America, Inc. ("FAI"), a subsidiary of Furmanite Corporation (NYSE:FRM). The total value of the transaction to ENGlobal is expected to be approximately $21.5 million, consisting primarily of cash at closing and a $3.5 million promissory note issued with a parent company guarantee.
ENGlobal's Gulf Coast engineering operations consist of its Beaumont, TX, Baton Rouge, LA, Lake Charles, LA, Deer Park, TX, and Freeport, TX offices, which primarily perform work for downstream clients across the region. The Company will retain its Engineering operations and the entirety of its Automation operations located in Houston, TX, Tulsa, OK, Mobile, AL, Denver, CO, and Chicago, IL, which primarily perform midstream and downstream related projects.
ENGlobal intends to use the net proceeds from this transaction to repay its outstanding debt. The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days, subject to lender approval and the completion of customary conditions. In addition, the companies have agreed to facilitate a smooth transition of corporate service functions and to support each company's business development efforts. Under terms of the agreement, approximately 900 employees will transfer from ENGlobal to Furmanite.
"The transaction with Furmanite, representing approximately half of our business, has stood out among all alternatives as making the most sense for our employees, clients and shareholders," said William A. Coskey, P.E., Founder, Chairman and Chief Executive Officer. "The ongoing ENGlobal operations will become strategically focused, well positioned for growth, and essentially free of bank debt. We will continue to build on the expertise of our heritage Engineering and Automation segments and also expect to target specific engineered solutions, utilizing both in-house and third party intellectual property."
Mr. Coskey continued, "We are pleased to announce that throughout our turnaround plan over the last year – and through Closing of this transaction, we will have reduced our debt and vendor obligations by approximately $50.0 million. The resulting revitalized Company with 500 employees will become the foundation from which to rebuild ENGlobal."
The Company expects that this transaction will substantially complete its review of strategic alternatives. In October 2012, ENGlobal announced its plan to explore strategic alternative options, which included raising capital, selling a portion of the Company's assets, and the possible sale or merger of ENGlobal, among other alternatives. Since that time, the Company discontinued its Electrical Services division and divested its Land/Right of Way and Midstream Inspection divisions.
HOUSTON, July 16, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, announced today that it has signed a definitive agreement under which ENGlobal's Gulf Coast engineering and in-plant operations will be sold to Furmanite America, Inc. ("FAI"), a subsidiary of Furmanite Corporation (NYSE:FRM). The total value of the transaction to ENGlobal is expected to be approximately $21.5 million, consisting primarily of cash at closing and a $3.5 million promissory note issued with a parent company guarantee.
ENGlobal's Gulf Coast engineering operations consist of its Beaumont, TX, Baton Rouge, LA, Lake Charles, LA, Deer Park, TX, and Freeport, TX offices, which primarily perform work for downstream clients across the region. The Company will retain its Engineering operations and the entirety of its Automation operations located in Houston, TX, Tulsa, OK, Mobile, AL, Denver, CO, and Chicago, IL, which primarily perform midstream and downstream related projects.
ENGlobal intends to use the net proceeds from this transaction to repay its outstanding debt. The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days, subject to lender approval and the completion of customary conditions. In addition, the companies have agreed to facilitate a smooth transition of corporate service functions and to support each company's business development efforts. Under terms of the agreement, approximately 900 employees will transfer from ENGlobal to Furmanite.
"The transaction with Furmanite, representing approximately half of our business, has stood out among all alternatives as making the most sense for our employees, clients and shareholders," said William A. Coskey, P.E., Founder, Chairman and Chief Executive Officer. "The ongoing ENGlobal operations will become strategically focused, well positioned for growth, and essentially free of bank debt. We will continue to build on the expertise of our heritage Engineering and Automation segments and also expect to target specific engineered solutions, utilizing both in-house and third party intellectual property."
Mr. Coskey continued, "We are pleased to announce that throughout our turnaround plan over the last year – and through Closing of this transaction, we will have reduced our debt and vendor obligations by approximately $50.0 million. The resulting revitalized Company with 500 employees will become the foundation from which to rebuild ENGlobal."
The Company expects that this transaction will substantially complete its review of strategic alternatives. In October 2012, ENGlobal announced its plan to explore strategic alternative options, which included raising capital, selling a portion of the Company's assets, and the possible sale or merger of ENGlobal, among other alternatives. Since that time, the Company discontinued its Electrical Services division and divested its Land/Right of Way and Midstream Inspection divisions.
11 July 2013
Summer and Fall News and Events 2013
Rev 6.0
ENGlobal Announces Expansion of Its Department of Defense Contract
HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, today announced that its wholly-owned subsidiary, ENGlobal Government Services, Inc. based in Tulsa, Oklahoma, has been awarded an additional delivery order on one of its existing multi-year contracts from the U.S. Department of Defense. The value of the award to ENGlobal from the Space and Naval Warfare Systems Center (SSC) Atlantic is estimated to be approximately $7.0 million.
As previously reported in July 2012, ENGlobal was awarded an indefinite-delivery/indefinite-quantity (ID/IQ), cost-plus/fixed-fee contract for technical and maintenance services for automated tank gauging and automated fuel handling equipment (AFHE). Under the scope of the new delivery order, ENGlobal expects to perform engineering and design services to maintain, repair, and/or rebuild the fuel handling equipment of the Naval Supply Fleet Logistics Command Center in Pearl Harbor, Hawaii.
"We are successfully being awarded a steady mix of business, including this delivery order by the U.S. Department of Defense," said Mr. William A. Coskey, P.E., Chairman and Chief Executive Officer of ENGlobal. "The Company is focused on improving the profit mix of its operations and maintaining overhead discipline. We are excited about our growth potential after recent divestitures, together with select project opportunities. We believe this strategy, plus our strong financial condition, puts us in a good competitive position going forward."
Commentary and Notes: We will soon see the 3Q for ENG and how the above comments relate. This is a small but a positive contract addition.
-----------------------------
Furmanite Reports 3Q with a profit after Acquisition of ENGlobal Assets
Revenues for the three months ended September 30, 2013 were $99.5 million, an increase of $23.9 million, or 31.7%, over the $75.6 million reported for the three months ended September 30, 2012. Operating income for the three months ended September 30, 2013 was $4.4 million compared to an operating loss of $0.7 million for the three months ended September 30, 2012, an increase of $5.2 million. Net income for the 2013 third quarter was $2.1 million, or $0.06 per diluted share.
-----------------------------
ENGlobal Announces First Universal Master Control Station(TM) Installation Patent-Pending, Vendor-Independent Subsea Control System
HOUSTON, Oct 15, 2013 (GLOBE NEWSWIRE via COMTEX) -- ENGlobal Corporation, a leading provider of energy-related engineering and automation services, announced today that its first patent-pending Universal Master Control Station(TM) (UMCS(TM)) has been successfully installed on an offshore platform in the Gulf of Mexico for a major international oil and gas company. The UMCS(TM) provides a standardized interface between industry available subsea production systems and topsides production facilities.
"We are pleased to reach this significant milestone and look forward to pending deployments of the UMCS(TM) technology," said William A. Coskey, P.E., ENGlobal's Chief Executive Officer. "ENGlobal intends to utilize the UMCS(TM) platform as the basis for further subsea controls integration projects, including hydraulic power and electrical systems. As a Subsea Controls Integrator (SCI), we offer added value to our customers by utilizing our execution skills to manage technically complex subsea projects."
The UMCS(TM) is a control station used primarily to monitor and control subsea production equipment, with features including:
-- Integration of multiple subsea equipment vendors within a single master control station;
-- Operable in new or existing subsea production/injection areas;
-- Scalable object-based programming software utilizing off-the-shelf commercial hardware;
-- Standardized interface to subsea communication units, distributed control systems, electrical power units, and hydraulic power units; and
-- Easily configurable operational graphics, security protection, interlocks, and shutdown sequences tailored via the UMCS Client Configuration Tool(TM).
As previously reported, the UMCS(TM) has been in development since 2006, with coordination between ENGlobal, its client and leading providers of subsea equipment and services. The Company acquired the subsea control system technology - and initiated its U.S. patent process - in 2010 in order to expand into the active offshore upstream market.
----------------------------
To all the new Furmanite employees from ENGlobal. I wish all of you the best of luck and believe you are in good hands. Thanks for reading and I hope to post some positive trends for your company as they become available.
----------------------------
Here is a labor lawsuit filed against ENGlobal:
http://englobalovertimecase.com/uploads/Doc._1_-_Complaint_ENGlobal.pdf
I am familiar with the attorney filing the suit. My advice is to question both sides of the case. Amplification is endemic in the legal world.
----------------------------
8-K Filed 22-Jul-2013
Item 8.01 Other Events
Notice from The NASDAQ Listing Qualifications Department that ENGlobal Corporation has regained compliance with NASDAQ Marketplace Listing Rule 5550(a)(2)
As previously reported, on October 3, 2012, ENGlobal Corporation ("the Registrant") received a letter from The NASDAQ Listing Qualifications Department ("NASDAQ") notifying the Registrant that for the 30 consecutive trading days preceding the date of the letter, the bid price of the Registrant's common stock had closed below the $1.00 per share minimum required for continued inclusion on the NASDAQ Global Market pursuant to NASDAQ Marketplace Listing Rule 5450(a)(1), (the "October Letter").
On April 16, 2013, the NASDAQ approved the Registrant's application to list its common stock on the Capital Market and was granted an additional 180 calendar day period, or until September 30, 2013, to regain compliance.
On July 19, 2013, the Registrant received a letter from NASDAQ notifying the Registrant that since the closing bid price of the Registrant's common stock has been at $1.00 per share or greater for at least 10 consecutive days since the date of the October Letter, the Registrant has regained compliance with NASDAQ Marketplace Listing Rule 5550(a)(2) and NASDAQ now considers the matter closed.
-------------------------
Judging by the way the stock has surged in volume on Thursday 7/11 and the price spiked to $1.54 I would say an announcement is forthcoming.
Looks like the news released today, 7/16, was a partial sale of ENG assets to Furmanite America. Opportunities will be present for all. Watch how the leaders react.
Good luck to everyone.
ENGlobal Announces Expansion of Its Department of Defense Contract
HOUSTON, Nov. 4, 2013 (GLOBE NEWSWIRE) -- ENGlobal (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, today announced that its wholly-owned subsidiary, ENGlobal Government Services, Inc. based in Tulsa, Oklahoma, has been awarded an additional delivery order on one of its existing multi-year contracts from the U.S. Department of Defense. The value of the award to ENGlobal from the Space and Naval Warfare Systems Center (SSC) Atlantic is estimated to be approximately $7.0 million.
As previously reported in July 2012, ENGlobal was awarded an indefinite-delivery/indefinite-quantity (ID/IQ), cost-plus/fixed-fee contract for technical and maintenance services for automated tank gauging and automated fuel handling equipment (AFHE). Under the scope of the new delivery order, ENGlobal expects to perform engineering and design services to maintain, repair, and/or rebuild the fuel handling equipment of the Naval Supply Fleet Logistics Command Center in Pearl Harbor, Hawaii.
"We are successfully being awarded a steady mix of business, including this delivery order by the U.S. Department of Defense," said Mr. William A. Coskey, P.E., Chairman and Chief Executive Officer of ENGlobal. "The Company is focused on improving the profit mix of its operations and maintaining overhead discipline. We are excited about our growth potential after recent divestitures, together with select project opportunities. We believe this strategy, plus our strong financial condition, puts us in a good competitive position going forward."
Commentary and Notes: We will soon see the 3Q for ENG and how the above comments relate. This is a small but a positive contract addition.
-----------------------------
Furmanite Reports 3Q with a profit after Acquisition of ENGlobal Assets
Revenues for the three months ended September 30, 2013 were $99.5 million, an increase of $23.9 million, or 31.7%, over the $75.6 million reported for the three months ended September 30, 2012. Operating income for the three months ended September 30, 2013 was $4.4 million compared to an operating loss of $0.7 million for the three months ended September 30, 2012, an increase of $5.2 million. Net income for the 2013 third quarter was $2.1 million, or $0.06 per diluted share.
-----------------------------
ENGlobal Announces First Universal Master Control Station(TM) Installation Patent-Pending, Vendor-Independent Subsea Control System
HOUSTON, Oct 15, 2013 (GLOBE NEWSWIRE via COMTEX) -- ENGlobal Corporation, a leading provider of energy-related engineering and automation services, announced today that its first patent-pending Universal Master Control Station(TM) (UMCS(TM)) has been successfully installed on an offshore platform in the Gulf of Mexico for a major international oil and gas company. The UMCS(TM) provides a standardized interface between industry available subsea production systems and topsides production facilities.
"We are pleased to reach this significant milestone and look forward to pending deployments of the UMCS(TM) technology," said William A. Coskey, P.E., ENGlobal's Chief Executive Officer. "ENGlobal intends to utilize the UMCS(TM) platform as the basis for further subsea controls integration projects, including hydraulic power and electrical systems. As a Subsea Controls Integrator (SCI), we offer added value to our customers by utilizing our execution skills to manage technically complex subsea projects."
The UMCS(TM) is a control station used primarily to monitor and control subsea production equipment, with features including:
-- Integration of multiple subsea equipment vendors within a single master control station;
-- Operable in new or existing subsea production/injection areas;
-- Scalable object-based programming software utilizing off-the-shelf commercial hardware;
-- Standardized interface to subsea communication units, distributed control systems, electrical power units, and hydraulic power units; and
-- Easily configurable operational graphics, security protection, interlocks, and shutdown sequences tailored via the UMCS Client Configuration Tool(TM).
As previously reported, the UMCS(TM) has been in development since 2006, with coordination between ENGlobal, its client and leading providers of subsea equipment and services. The Company acquired the subsea control system technology - and initiated its U.S. patent process - in 2010 in order to expand into the active offshore upstream market.
----------------------------
To all the new Furmanite employees from ENGlobal. I wish all of you the best of luck and believe you are in good hands. Thanks for reading and I hope to post some positive trends for your company as they become available.
----------------------------
Here is a labor lawsuit filed against ENGlobal:
http://englobalovertimecase.com/uploads/Doc._1_-_Complaint_ENGlobal.pdf
I am familiar with the attorney filing the suit. My advice is to question both sides of the case. Amplification is endemic in the legal world.
----------------------------
8-K Filed 22-Jul-2013
Item 8.01 Other Events
Notice from The NASDAQ Listing Qualifications Department that ENGlobal Corporation has regained compliance with NASDAQ Marketplace Listing Rule 5550(a)(2)
As previously reported, on October 3, 2012, ENGlobal Corporation ("the Registrant") received a letter from The NASDAQ Listing Qualifications Department ("NASDAQ") notifying the Registrant that for the 30 consecutive trading days preceding the date of the letter, the bid price of the Registrant's common stock had closed below the $1.00 per share minimum required for continued inclusion on the NASDAQ Global Market pursuant to NASDAQ Marketplace Listing Rule 5450(a)(1), (the "October Letter").
On April 16, 2013, the NASDAQ approved the Registrant's application to list its common stock on the Capital Market and was granted an additional 180 calendar day period, or until September 30, 2013, to regain compliance.
On July 19, 2013, the Registrant received a letter from NASDAQ notifying the Registrant that since the closing bid price of the Registrant's common stock has been at $1.00 per share or greater for at least 10 consecutive days since the date of the October Letter, the Registrant has regained compliance with NASDAQ Marketplace Listing Rule 5550(a)(2) and NASDAQ now considers the matter closed.
-------------------------
Judging by the way the stock has surged in volume on Thursday 7/11 and the price spiked to $1.54 I would say an announcement is forthcoming.
Looks like the news released today, 7/16, was a partial sale of ENG assets to Furmanite America. Opportunities will be present for all. Watch how the leaders react.
Good luck to everyone.
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