Valerus Wins US$38 Million Contract From Cardon IV Engineering, procurement and construction for early production plant in Venezuela will enable first gas of Perla field

HOUSTON, March 19, 2014 /PRNewswire/ -- Valerus (www.valerus.com), one of the world's leading providers of oil and gas handling services and equipment, announced today it has been awarded a contract from Cardón IV to provide engineering and procurement of a simplified early production plant in Punto Fijo, Venezuela. The 38 MMUSD contract award follows the previously-announced award in November 2013 for engineering, procurement and construction of a gas conditioning and condensate stabilization facility, also in Venezuela.

The plant, to be designed and constructed on a fast-track execution strategy, will begin operating by the fourth quarter of 2014 and will deliver 150 million standard cubic feet per day of gas. The permanent installation will operate independently to boost production as necessary from the Perla field. It is anticipated that this project will be a significant step toward developing the full field. Valerus will again combine local resources with Lindsay Venezuela to execute the project.

"Valerus is proud to have been awarded this contract to again partner with Cardón IV and to have the opportunity to continue working together to provide energy infrastructure in Venezuela," said Valerus CEO Steve Gill.  "We look forward to continuing our track record for safely delivering scalable, flexible solutions in Latin America and beyond."

About Cardón IV
Cardón IV (currently Repsol 50% Eni 50% with a near future Venezuelan PDVSA participation) is the license holder and operator of the Cardón IV block offshore in the Gulf of Venezuela since 2006. During 2009 it announced the discovery of the multi-tcf Perla natural gas field, which is currently under development. More information is available at www.repsol.com or www.eni.com.

About Valerus
Valerus, a wholly-owned subsidiary of Kentz, is a worldwide leader in integrated oil and gas handling and processing. Valerus manufactures reciprocating compressor packages, production equipment, gas processing solutions, liquid separation systems and provides engineering, procurement, construction and commissioning/ start-up services. Its mission is to deliver tailored solutions for its customers through an extraordinary focus on efficiency and performance. Valerus is committed to achieving the highest standards in health, safety and environmental responsibility. For more information visit www.valerus.com.

About Lindsay Venezuela
Lindsay is an oil and gas industry leader in the development of customized, integrated EPC projects. Lindsay has provided procurement and fabrication services in Venezuela since 1995, and has offices and manufacturing facilities in Houston, Texas, established in 2003. The company has vast construction experience, having installed more than 800,000 HP of gas compression equipment including gas processing facilities, early production and offshore installations. Lindsay is ISO 9001 certified and is committed to implementing high standards in the industry. More information is available at www.lindsay.com.ve and www.lindsaycausa.com

CONTACT:
Chris Wailes or Victoria Turek
cwailes@piercom.com
vturek@piercom.com
Pierpont Communications
Houston, Texas
713.627.2223

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SOURCE Valerus



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