Furmanite Corporation (NYSE: FRM) announced that its subsidiary, Furmanite America, Inc., has received a $4.7 million Line Isolation Project in the Northern Oil Sands Region of Canada. Furmanite was selected to design, engineer, manufacture and provide service for a Hot Tap and Line Stop on a 16” alloy, boiler feed, piping system that operates at 950 psi and 925oF.
Furmanite’s design will allow the intervention of the pipeline to permit the installation of isolation valves without shutting down the main boiler, which would have resulted in a loss of revenue for the oil producer.
Joseph E. Milliron, president and chief operating officer of Furmanite Corporation, said: “Furmanite’s approach was selected over others due to our engineering aptitude for large-scale projects as well as our experience dealing with high pressure and high temperature critical path operations. We are excited that our newly engineered equipment was selected.”
The design is currently under way with field operations scheduled to begin in 2011. Once the initial installation is complete, the process is expected to be utilized on several identical operations that will occur over the next two to three years at an additional combined estimated value of $7 million.