Exterran Corporation Announces Agreement to Sell the U.S. Compression Fabrication Business
August 25 2020 - 8:15AM
Exterran Corporation (NYSE: EXTN) (“Exterran” or the “Company”)
today announced it has signed an agreement to sell its U.S.
compression fabrication business.
The Company has signed an agreement with Compass Energy Systems
Ltd. (“Compass”) to sell them its U.S. compression fabrication
business. The price and terms were not disclosed. The Company
expects the transaction to close in the fourth quarter and is
subject to customary conditions and purchase price
adjustments.
Andrew Way, Exterran’s President and Chief Executive Officer
commented, “We are extremely pleased that we have reached an
agreement to sell our U.S. compression fabrication business. This
is not only a positive outcome for Exterran, but our employees and
customers as well. We look forward to working with Compass in the
future, and continuing to serve our customers globally for their
needs.”
About Exterran CorporationExterran
Corporation (NYSE: EXTN) is a global systems and process
company offering solutions in the oil, gas, water and power
markets. We are a leader in natural gas processing and treatment
and compression products and services, providing critical midstream
infrastructure solutions to customers throughout the
world. Exterran Corporation is headquartered
in Houston, Texas and operates in approximately 25
countries.
For more information, contact:Blake Hancock,
Vice President of Investor Relations, at 281-854-3043Or visit
www.exterran.com
Forward-Looking StatementsAll 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. These statements may include
words such as “guidance,” “anticipate,” “estimate,” “expect,”
“preliminary,” “forecast,” “project,” “plan,” “intend,” “believe,”
“confident,” “may,” “should,” “can have,” “likely,” “future” and
other words and terms of similar meaning in connection with any
discussion of the timing or nature of future operating or financial
performance or other events. Examples of forward-looking
information in this release include, but are not limited to the
preliminary financial information regarding Exterran’s finalized
fourth quarter results and charges. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside Exterran’s control, which could cause actual
results to differ materially from such statements. As a result, any
such forward-looking statements are not guarantees of future
performance or results. While Exterran believes that the
assumptions concerning future events are reasonable, it cautions
that there are inherent difficulties in predicting certain
important factors that could impact the future performance or
results of its business. Among the factors that could cause results
to differ materially from those indicated by such forward-looking
statements are: adjustments made during the finalization of
Exterran’s financial close and reporting processes for the fourth
quarter and fiscal year 2019; local, regional, national and
international economic and political conditions and the impact they
may have on Exterran and its customers; Exterran’s reduced profit
margins or loss of market share resulting from competition or the
introduction of competing technologies by other companies;
Exterran’s ability to win profitable new business; changes in
international trade relationships including the imposition of trade
restrictions or tariffs related to any materials or products used
in the operation of our business; conditions in the oil and gas
industry, including a sustained imbalance in the level of supply or
demand for oil or natural gas or a sustained low price of oil or
natural gas; Exterran’s ability to timely and cost-effectively
execute projects; Exterran enhancing or maintaining its asset
utilization, particularly with respect to its fleet of compressors
and other assets; Exterran’s ability to integrate acquired
businesses; employment and workforce factors, including the ability
to hire, train and retain key employees; Exterran’s ability to
accurately estimate costs and time required under Exterran’s fixed
price contracts; liability related to the use of Exterran’s
products and services; changes in political or economic conditions
in key operating markets, including international markets; changes
in current exchange rates, including the risk of currency
devaluations by foreign governments, and restrictions on currency
repatriation; risks associated with Exterran’s operations, such as
equipment defects, equipment malfunctions, environmental
discharges, extreme weather and natural disasters; risks associated
with cyber-based attacks or network security breaches; any
non-performance by third parties of their contractual obligations,
including the financial condition of our customers; changes in
safety, health, environmental and other regulations, including
those related to climate change or water scarcity; and Exterran’s
indebtedness and its ability to generate sufficient cash flow,
access financial markets at an acceptable cost, fund its
operations, capital commitments and other contractual cash
obligations, including our debt 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, 2019, and other filings with the
Securities and Exchange Commission available on the Securities and
Exchange Commission’s website www.sec.gov. A discussion of these
risks is expressly incorporated by reference into this release.
Except as required by law, Exterran expressly disclaims any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise.
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