FSI Energy Services Inc.
TSX VENTURE : FSI

FSI Energy Services Inc.

June 07, 2012 09:27 ET

FSI Awarded Brine Plant Contract- Largest Contract in Company's History

CALGARY, ALBERTA--(Marketwire - June 7, 2012) - Richard Ball, Chief Executive Officer of FSI Energy Services Inc. (TSX VENTURE:FSI) ("FSI"), is pleased to announce that FSI has been awarded its largest ever contract, for the manufacture, delivery and installation of a Brine Blending Plant. The contract is with a major Russian oil producer (the "Client"), and is the twelfth such plant purchased from FSI by the Client.

The Client cited the design and high quality of FSI's products in its decision in awarding the tender. Production is scheduled for the summer/fall of 2012, with delivery expected in November 2012 and installation and commissioning expected in April to May 2013. Total value of this contract is approximately USD $7,980,000.

"We are very excited to deepen the ongoing relationship we have with our client," said Richard Ball, President. "Our client has repeatedly reinforced to us the fact that the past Brine Blending Plants they have purchased from FSI have been in continuous operation for between five and sixteen years, all without need for repairs or retrofits."

To date, FSI has designed, built, and installed twenty-one Brine Blend Plants, accounting for over $61.45 million in revenue, and FSI is considered by some in the Russian oil industry to be the leader in this patented turn-key fluid-processing technology for Russian oil producers.

About FSI

Through its wholly-owned subsidiary, FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration-related technologies and Brine Plants for the energy, chemical, and water treatment industries.

Forward-looking Information Cautionary Statement

This press release contains forward-looking statements relating to the expected dates for production, delivery installation and commissioning of the Brine Blending Plant. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "could", "plans", "should", "anticipates", "expect", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are generally intended to identify such forward-looking statements.

The forward-looking statements in this press release are based on the opinions and estimates of management and management's prior experience designing, building and installing twenty-one Brine Blend Plants. Such forward-looking statements are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to.

All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by FSI, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on FSI or its business operations. FSI disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events. Readers should not place undue reliance on forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • FSI Energy Services Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)

    FSI Energy Services Inc.
    Perry Ball
    Vice President, Operations
    (403) 571-4230
    (403) 230-3106 (FAX)