Leidos Wins Contract to Design, Build Magellan Midstream Partners Condensate Splitter

50,000 BPD Corpus Christi, Texas, project slated to be operational in second half of 2016

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Nov 17, 2014, 07:50 ET

RESTON, Va., Nov. 17, 2014 /PRNewswire/ -- Leidos (NYSE: LDOS), an engineering, national security and health solutions company, has won a prime contract from Magellan Midstream Partners, L.P. to provide engineering, procurement and construction (EPC) services for a condensate splitter at Magellan's Corpus Christi, Texas, processing and storage terminal.

The condensate splitter is scheduled to be operational in the second half of 2016 and will enable Magellan to process up to 50,000 barrels per day (bpd) of Eagle Ford condensate received from the Double Eagle pipeline.

Under the contract, Leidos will use its DesignBuild^SM services to design and install the single, 50,000 bpd train to process the Eagle Ford condensate feed, yielding products suitable for commercial use or feedstocks for further refining. The splitter's design includes an allowance for a second potential train to increase output to 100,000 bpd. Leidos will work alongside teaming partner Saulsbury Industries on the construction of the splitter.

"For more than four decades, Leidos has helped clients meet their oil, gas and chemical project needs," said James R. Moos, president of Leidos Engineering Solutions Group. "Our proven engineering expertise in solving technically challenging design projects makes us a valuable adviser to Magellan in expanding their midstream processing capabilities."

Leidos also helps exploration and production firms, midstream firms and natural gas service providers maintain a competitive edge by solving their most complex needs through technology application and deep industry expertise. Leidos upstream and midstream oil and gas services include capital project evaluation and development, EPC implementation and environmental support.

About Leidos
Leidos is a FORTUNE 500^® science and technology solutions leader working to address some of the world's toughest challenges in national security, health and engineering. The Company's 21,000 employees support vital missions for our government and the commercial sector, develop innovative solutions to drive better outcomes and defend our Nation's digital and physical infrastructure from 'new world' threats. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $5.77 billion for its fiscal year ended January 31, 2014 after giving effect to the spin-off of the company's technical services and information technology business. For more information, visit www.Leidos.com.

Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in the company's Annual Report on Form 10-K for the period ended January 31, 2014, and other such filings that Leidos makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.