Matrix Service (MTRX) Subsidiary Enters Licensing Agreement With GTT

October 10, 2016 4:07 PM EDT

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Matrix Service Company (Nasdaq: MTRX) announced today that its subsidiary, Matrix PDM Engineering (“Matrix PDM”) has signed an agreement with GTT North America, Inc., a subsidiary of GTT (Gaztransport & Technigaz), to offer membrane tank technology. Matrix PDM is the first EPC company based in the United States to be licensed by GTT. The agreement comes following revisions to various standards including NFPA 59A and Canadian Standard CSA Z276 to include provisions for the use of membrane tanks for cryogenic and refrigerated storage in North America.

Matrix PDM enjoys a long-standing history as a North American leader in the design of single wall, double wall and full containment storage tanks. Matrix Service Company construction subsidiaries, Matrix Service and Matrix NAC also hold a leading position in the construction, maintenance and repair of aboveground storage and specialty vessels. By offering membrane tanks, the Company’s LNG and NGL customers now have a full spectrum of solutions available to meet their project needs in cryogenic and low temperature products.

“GTT membrane technology adds to our suite of offerings and builds upon our years of experience in the traditional design and construction methods used for LNG and NGL tanks,” said Ken Erdmann, Vice President of Matrix PDM Engineering. “The technology has been used for decades on LNG carriers and various land based applications in other countries around the world. Examples of projects that might benefit are LNG facilities where owner/operators seek faster speed to market or, in some instances, for projects located in areas with higher seismic activity.”

“Building on the recent milestone within NFPA 59A, GTT is pleased to partner with Matrix, a first class EPC, to bring a new value proposition to the North American market through the inherent advantages of GTT’s proven membrane technology: reduced CAPEX / OPEX and reduced time to market using local trained operators implementing a standardized and modular technology,” declared Philippe Berterottière, Chairman and Chief Executive Officer of GTT.

GTT’s membrane technology will be on display at the Matrix Service booth (Booth No 519) at the HHP Summit in Chicago on October 11th, 12th and 13th 2016. On October 13th GTT North America will also be taking part in the Summit’s “Supply Chain and Technical Considerations for LNG Marine Bunkering” session.

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