NATCO Al-Rushaid Middle East Ltd. Awarded Registration Certificate
HOUSTON, Nov 14, 2008 (BUSINESS WIRE) -NATCO
Announced today that its joint venture NATCO Al-Rushaid Middle East Ltd., in the Kingdom of Saudi Arabia, has recently been awarded a Company Registration Certificate by the Ministry of Commerce & Industry in Dammam. The joint venture, established in 2007, is engaged in the construction of a new, dedicated vessel manufacturing facility within Al-Rushaid's industrial complex in Jubail. The construction of the facility is expected to be completed by mid-2009. The Registration Certificate covers the production of pressure vessels including desalters, dehydrators, filters, hydrocyclones, and more for the upstream, downstream and petrochemical markets."This is another important step for the joint venture, as we pursue increased technology and process equipment deployment to the largest oil producing region in the world," said NATCO Chairman and CEO John Clarke. "Our formation of NATCO Al-Rushaid Middle East Ltd., and the recent award of the Company's Registration in the Kingdom cements an excellent working relationship with the Al-Rushaid Group, a prominent organization with significant capabilities in the Kingdom, including engineering, manufacturing, construction, and drilling."Sheikh Abdullah Al-Rushaid, Chairman of the Joint Venture and of the Al-Rushaid Group, added, "We are pleased with the progress of the construction activities of the facility. All equipment for the facility has been ordered, General Manager and key positions staff have been recruited. Our partnership with NATCO in the supply of technology and process equipment to the Saudi Arabian and Middle Eastern markets opens up many prospects for growing the business. The combination of NATCO Technology with local fabrication will create jobs in both the US and Saudi Arabia while delivering value to all our customers in the region."NATCO Al-Rushaid Middle East Ltd. Director and NATCO President Patrick McCarthy noted, "When the new facility is completed and started up in second quarter 2009, we expect that area equipment sales for new build and retrofits will be substantial. We will focus first on debottlenecking opportunities and sales of crude oil desalting and dehydration vessels, as well as equipment solutions for produced water treatment."NATCO Group Inc. is a leading provider of process equipment, systems and services used in the production of oil and gas. NATCO has designed, manufactured and marketed production equipment and services for more than 80 years. NATCO production equipment is used onshore and offshore in most major oil and gas producing regions of the world.Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. Forward looking statements in this press release relate to future business opportunities and prospects, and fabrication facility construction schedule. These statements may differ materially from actual future events or results. You should refer to documents filed by NATCO with the Securities and Exchange Commission, including its annual and quarterly reports, which identify significant risk factors that could cause actual results to differ from those contained in our forward-looking statements.
SOURCE: NATCO Group Inc.
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