Maverick Tube
NYSE : MVK

Maverick Tube

May 12, 2005 16:30 ET

Maverick Tube Corporation Begins Construction of Coiled Tubing Expansion Project Expected to Increase Capacity by 50%

ST. LOUIS--(CCNMatthews - May 12, 2005) -

Maverick Tube Corporation (NYSE:MVK) announced today that it has begun work on a $12 million project to expand the capacity of its Precision Tube coiled tubing facility by more than 50%. The previously announced expansion is taking place at the Company's Precision Tube Houston, Texas facility and is expected to be completed in the first quarter of 2006.

Dennis Dunlap, President of Precision Tube/SeaCAT, said, "Since 2002, worldwide demand for our coiled tubing products has grown steadily and we anticipate this trend to continue. This facility expansion will enable us to maintain the superior level of service we provide to our current customers while allowing us to capitalize on the success of our new product development efforts." Dunlap continued, "Our success with coiled tubing products, which are highly engineered and manufactured with adherence to exacting specifications, demonstrates our ongoing commitment to growth and technological advancements."

Jim Cowan, the Company's President and COO, stated, "Coiled tubing is a very exciting product line for us. Our engineers continue to work with engineers from oil and gas and major service companies around the world to develop new applications for coiled tubing and to improve the technology in existing coiled tubing applications. This expansion will allow us to maintain our world-wide leadership position in this product line."

Maverick Tube Corporation is a leading North American producer of welded tubular steel products used in energy applications (oil country tubular goods, line pipe, coiled tubing and couplings) and industrial applications (steel electrical conduit, hollow structural sections, standard pipe, pipe piling and mechanical tubing products).

This news release contains forward-looking information that is based on assumptions that are subject to numerous business risks, many of which are beyond the control of the Company. There is no assurance that such assumptions will prove to be accurate. Actual results may differ from these forward-looking statements due to numerous factors, including those described under "Risk Factors" and elsewhere in Maverick's Form 10-K for its year ended December 31, 2004.

Contact Information

  • Maverick Tube Corporation
    Richard W. Preckel, 636-733-1600