HOUSTON--(BUSINESS WIRE)--Exterran Holdings, Inc. (NYSE:EXH) today announced that on March 25, 2014 it signed a 12-year compression services contract with the consortium BCAM-40, where Petroleo Brasileiro S.A.(Petrobras) is the field operator, and will commence operations following Exterran’s construction and installation of a compressor station in Bahia, Brazil. The project will utilize approximately 28,000 horsepower of compression equipment, as well as associated natural gas production equipment.
The land-based compressor station will compress gas from the Manati Field offshore Brazil for transportation via pipeline to a customer-owned natural gas treatment facility in São Francisco do Conde, Brazil. The compressor station is expected to have a total volume capacity of approximately 230 million standard cubic feet of natural gas per day starting in mid-2015.
"We are excited by this opportunity to partner with Petrobras and to build on our leadership in natural gas compression worldwide," said Exterran President and CEO Brad Childers. "We look forward to building on our legacy of experience, technical expertise and commitment to service in Brazil."
In addition, Exterran has been awarded a number of other contract compression projects in Latin America during the first quarter 2014 including two in Mexico involving a total of 19,000 horsepower of compression and another in Colombia utilizing 6,000 horsepower, plus expansions to current projects in Argentina involving 17,000 additional horsepower. The majority of these projects have minimum contract terms of approximately four years.
Exterran is a global market leader in full service natural gas compression, operating approximately 4.3 million horsepower of compression assets around the world, including about 800,000 horsepower in Latin America.
About Exterran Holdings
Exterran Holdings, Inc. is a global market leader in full service natural gas compression and a premier provider of operations, maintenance, service and equipment for oil and gas production, processing and transportation applications. Exterran Holdings serves customers across the energy spectrum—from producers to transporters to processors to storage owners. Headquartered in Houston, Texas, Exterran has approximately 10,000 employees and operates in 30 countries. For more information visit www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding the subjects of this release), other than historical facts, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to: statements regarding the new compression services contract and its terms; expectations related to the project, including the compressor station’s capabilities and timing of start-up; and expectations regarding Exterran's other opportunities and projects in Latin America. These statements are based upon current expectations and are subject to a number of risks, uncertainties and assumptions, which could cause actual results to differ materially from those described in the forward-looking statements. Among these factors are: local, regional, national and international economic conditions and the impact they may have on Exterran and its customers; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; Exterran’s ability to timely and cost-effectively execute larger projects; changes in economic conditions in key operating markets; changes in safety, health, environmental and other regulations; and the failure of any third party to perform its contractual obligations. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Exterran's Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission. Exterran assumes no obligation and expressly disclaims any duty to update the information contained herein except as required by law.
