Hanwei Energy Confirms New Pipe Order of USD 3.9 mn
OREANDA-NEWS. January 22, 2013. Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today announced that it has been awarded a new USD 3.9 million order, placed by an existing Kazakhstan client, for the supply of the Company's high pressure, glass reinforced epoxy pipes and fittings.
The Company has previously announced revenues of USD 13.2 million for the six month period ending September 30, 2012. As of the date of this press release the Company has confirmed sales orders of approximately USD 13 million; inclusive of the abovementioned new Kazakhstan order and in addition to the revenues recognized as at September 30, 2012. These orders are expected to be produced and shipped within the Company's current fiscal year ending March 31, 2013.
The Company has for the last ten years served a wide range of oil and gas projects with resilient, non-steel, composite pipes that have provided long term performance in high pressure, high temperature, and highly corrosive operating environments. Ongoing orders placed with existing
clients, together with the endorsement of the Company with initial orders from new clients, continue to evidence the superior operating strengths of the Company's pipe products.
This ongoing order to Kazakhstan in the Company's Middle Asia market represents a well established region of the Company's sales activities serving to grow the geographic distribution of its pipe sales globally.
In other international markets the Company has recently produced and shipped an initial order placed by Hindustan Dorr-Oliver to the Company's Middle East and Subcontinent market. As part of the process by this new client Hanwei's internal quality assurance, inspection and testing procedures were independently reviewed and approved by Toyo Engineering.
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