Capstone Receives Another Significant Order in the Vietnam Oil & Gas Market
CHATSWORTH, Calif., July 8, 2013 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.microturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced it received an order to provide four C200 C1D2 Capstone microturbines to a leading oil and gas producer for two offshore platforms in Vietnam.
Located in the Cuu Long basin off southern Vietnam, the platforms are expected to yield an oil flow of approximately 50,000 barrels per day combined and generate a production value of approximately 5 million U.S. dollars per day.
The four C200 C1D2 microturbines will run on wellhead gas that flows through the offshore platforms, which eliminates the need for special fuels to be shipped to the platform. The microturbines will provide all power on the platforms. They are Optimal UL Class 1 Division 2 or ATEX Class 1 Zone 2 certified for use in hazardous areas, take up minimal space because of their small footprint, and require very limited maintenance.
The C200s will be installed in May 2014 and are expected to be commissioned in August 2014.
"We are proud to introduce highly reliable Capstone microturbines to Vietnam's oil and gas market," said Do Long Phi, Managing Director, ADA Engineering Co. Ltd., Capstone's distributor in Vietnam. "Winning this major project over gas engine competitors demonstrates the significance of microturbine reliability in the buying decision. As Vietnam's oil and gas production continues to grow, I strongly believe highly reliable microturbines will play a key role in both onshore and offshore markets. Currently oil and gas revenues serve about 20 percent of the country's gross domestic product."
With an estimated population of 90.3 million in 2012, Vietnam is the eighth-most-populous Asian country in the world, and 13th-most-populous country.
Across the globe, Capstone microturbines reliably power oil and gas producing operations using unprocessed wellhead gas to generate continuous power. Capstone platform power solutions require little maintenance and avoid fuel transport and disposal of hazardous lubricants.
"The oil and gas market continues to be our fastest growing market segment worldwide, and accounted for 55 percent of total revenue last year," said Darren Jamison, Capstone President and CEO. "Capstone has extensive off-shore operating experience in the Gulf of Mexico, Gulf of Alaska, Mediterranean Sea, Adriatic Sea, North Sea, South China Sea, and the South Atlantic Ocean. This is yet another example of how our dedicated effort to increase our market presence in the oil and gas sector worldwide continues to deliver."
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,500 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about the advantages of our products over competing technologies, use of our products in the oil and gas market and increased sales in Vietnam. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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Released July 8, 2013