Furmanite Enters NDT and Inspection Services Market
Posted: 2013-2-12
Furmanite Corporation (NYSE: FRM), announced today the establishment of a new
Non-Destructive Testing ("NDT") and Inspection Service Line, providing a wide
range of NDT, certified visual inspection and inspection management services.
The Company initiated its assessment of this market approximately 18 months
ago and has since completed three strategic acquisitions and recruited a number
of highly qualified inspection professionals in response to strong customer
demand for these services.
"Based on the exciting growth opportunities we see within the inspection market,
and the positive customer response over the past 18 months, the time is right to
officially add this major new service line," said Charles R. Cox, Chairman and
CEO of Furmanite. "We expect that our inspection services will also offer
significant mutual synergies with our long established thermal processing and
mechanical service offerings."
Furmanite now has a team of over 200 highly skilled technicians, project
managers and other inspection professionals, providing many NDT and
inspection services in North America, including; automated ultrasonic testing,
phased array, exchanger/condenser tube inspection, industrial radiography
utilizing conventional, computed ("CRT") and digital ("DRT") radiographic testing
methods, visual inspectors certified by API and AWS, inspection program
oversight, quality assurance and project management. These services are
currently being provided to operators and contractors in the refining, chemical,
power generation, mid-stream oil & gas, and manufacturing markets.
The Company plans to make its NDT and Inspection services available through
most of its established Service Delivery Centers around the world within the next
24 months. Marketing of these services will be primarily focused on the
monitoring, maintenance, renewal and construction of energy, industrial, and
municipal infrastructure.
The NDT and Inspection Service Line will initially operate through two units in the
United States, one leading direct execution of inspection services and the other
providing inspection program oversight and project management services.
Together, they provide a comprehensive range of technical and quality assurance
capabilities.
"We have solidly established an excellent base of inspection capabilities and
resources which positions us for substantial future growth," said Joe Milliron,
President and COO of Furmanite. "Based on the strong demand for these services
over the past year, we are very optimistic regarding the future prospects for our
new NDT and Inspection service offering. With both continued organic growth
and potential further acquisitions, we expect inspection services to represent
approximately 10% of total company revenues for 2013," concluded Milliron.
ABOUT FURMANITE CORPORATION
Furmanite Corporation (NYSE: FRM), founded in 1920, is one of the world’s
largest specialty industrial services companies, providing world class solutions to
customer needs through more than 75 offices on six continents. The Company
delivers a wide portfolio of inspection, mechanical and engineering services
which help monitor, maintain, renew and construct the global energy, industrial
and municipal infrastructures. Furmanite serves a broad range of industry
sectors, including refining, offshore, sub-sea, pipeline, power generation,
chemical, petrochemical, pulp and paper, water utilities, automotive, mining,
marine and steel manufacturing. World Headquarters and Global Support
Operations are located in Houston, Texas; Rotterdam, Netherlands; Kendal,
United Kingdom and Melbourne, Australia. For more information, visit
www.furmanite.com.
Non-Destructive Testing ("NDT") and Inspection Service Line, providing a wide
range of NDT, certified visual inspection and inspection management services.
The Company initiated its assessment of this market approximately 18 months
ago and has since completed three strategic acquisitions and recruited a number
of highly qualified inspection professionals in response to strong customer
demand for these services.
"Based on the exciting growth opportunities we see within the inspection market,
and the positive customer response over the past 18 months, the time is right to
officially add this major new service line," said Charles R. Cox, Chairman and
CEO of Furmanite. "We expect that our inspection services will also offer
significant mutual synergies with our long established thermal processing and
mechanical service offerings."
Furmanite now has a team of over 200 highly skilled technicians, project
managers and other inspection professionals, providing many NDT and
inspection services in North America, including; automated ultrasonic testing,
phased array, exchanger/condenser tube inspection, industrial radiography
utilizing conventional, computed ("CRT") and digital ("DRT") radiographic testing
methods, visual inspectors certified by API and AWS, inspection program
oversight, quality assurance and project management. These services are
currently being provided to operators and contractors in the refining, chemical,
power generation, mid-stream oil & gas, and manufacturing markets.
The Company plans to make its NDT and Inspection services available through
most of its established Service Delivery Centers around the world within the next
24 months. Marketing of these services will be primarily focused on the
monitoring, maintenance, renewal and construction of energy, industrial, and
municipal infrastructure.
The NDT and Inspection Service Line will initially operate through two units in the
United States, one leading direct execution of inspection services and the other
providing inspection program oversight and project management services.
Together, they provide a comprehensive range of technical and quality assurance
capabilities.
"We have solidly established an excellent base of inspection capabilities and
resources which positions us for substantial future growth," said Joe Milliron,
President and COO of Furmanite. "Based on the strong demand for these services
over the past year, we are very optimistic regarding the future prospects for our
new NDT and Inspection service offering. With both continued organic growth
and potential further acquisitions, we expect inspection services to represent
approximately 10% of total company revenues for 2013," concluded Milliron.
ABOUT FURMANITE CORPORATION
Furmanite Corporation (NYSE: FRM), founded in 1920, is one of the world’s
largest specialty industrial services companies, providing world class solutions to
customer needs through more than 75 offices on six continents. The Company
delivers a wide portfolio of inspection, mechanical and engineering services
which help monitor, maintain, renew and construct the global energy, industrial
and municipal infrastructures. Furmanite serves a broad range of industry
sectors, including refining, offshore, sub-sea, pipeline, power generation,
chemical, petrochemical, pulp and paper, water utilities, automotive, mining,
marine and steel manufacturing. World Headquarters and Global Support
Operations are located in Houston, Texas; Rotterdam, Netherlands; Kendal,
United Kingdom and Melbourne, Australia. For more information, visit
www.furmanite.com.
