(By Balaseshan) PMFG Inc. (NASDAQ: PMFG), a provider of custom-engineered systems and products, said it has received two new equipment orders for two oil production projects with a combined value of about $3.3 million.
The equipment for both orders is part of the company's pressure products offering. Both the projects have a completion date in the second quarter of fiscal year 2014.
The Pressure Products orders are for the installation of three high pressure steam separators at two major steam assisted gravity drainage (SAGD) sites located in Alberta, Canada. SAGD is an enhanced oil recovery technology for producing heavy crude oil and bitumen.
"These significant projects are a great start to what has traditionally been our strongest bookings period. The strong global energy demand has continued to drive the development of unconventional energy sources," said Peter Burlage, chief executive of PMFG.
The company said the Alberta oil sands projects have been a strong and stable market for PMFG over that last few years as oil prices have maintained at a level that keeps project expansion moving ahead.
The company offers a range of separation and filtration products, selective catalytic reduction (SCR) systems, turbine emission exhaust systems and other complementary products, including heat exchangers, pulsation dampeners, waste water treatment systems and silencers. It operates in two segments: Process Products and Environmental Systems.
PMFG is trading down 1.25 percent at $7.10 on Friday. The stock has been trading between $6.36 and $27.40 for the past 52 weeks.