Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, mining, and minerals markets. The company is licensed to operate in all 50 states and in 4 Canadian provinces. Segments The company operates its business through four segments: Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions, and Industrial. Electrical Infrastructure This segment primarily includes construction and maintenance services to various power generation facilities, such as combined cycle plants, natural gas fired power stations, and renewable energy installations. The company also provides high voltage services to investor owned utilities, including construction of new substations, upgrades of existing substations, short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services. Oil Gas & Chemical This segment includes the company’s traditional turnaround activities, plant maintenance services and construction in the downstream petroleum industry. Another key offering is industrial cleaning services, which include hydroblasting, hydroexcavating, chemical cleaning, and vacuum services. The company also performs work in the petrochemical, natural gas, gas processing and compression, and upstream petroleum markets. Storage Solutions This segment includes new construction of crude and refined products aboveground storage tanks (ASTs), as well as planned and emergency maintenance services. This segment also includes balance of plant work in storage terminals and tank farms. Also included in this segment is work related to specialty storage tanks, including liquefied natural gas (LNG), liquid nitrogen/liquid oxygen (LIN/LOX), liquid petroleum (LPG) tanks and other specialty vessels, including spheres. In addition, the company offers AST products, including floating roof seals. Industrial This segment includes construction and maintenance work in the iron and steel and mining and minerals industries, bulk material handling and fertilizer production facilities, as well as work for clients in other industrial markets. Customers and Marketing The company provided services to approximately 575 customers in the year ended June 30, 2015. One customer, Enbridge, accounted for 12.3% of the company’s consolidated revenue, all of which was in the Storage Solutions segment. The company markets its services and products primarily through its marketing and business development personnel, senior professional staff and its operating management. Seasonality Within the Electrical Infrastructure segment, transmission and distribution work is generally scheduled by the public utilities when the demand for electricity is at its lowest. Therefore, revenue volume in the summer months is typically lower than in other periods throughout the year. Also, the company typically sees a lower level of operating activity relating to construction projects during the winter months and early in the calendar year because majority of its customers’ capital budgets have not been finalized. Patents and Proprietary Technology The Flex-A-Span and Flex-A-Seal trademarks are utilized to market the company’s seals for floating roof tanks. The FastFroth trademark is utilized to market the company’s industrial cleaning process. The company’s patented RS 1000 Tank Mixer controls sludge build-up in crude oil tanks through resuspension. The Flexible Fluid Containment System patent covers a system that captures and contains flue leaking from pipe and valve connections. The Flex-A-Swivel patent refers to the company’s pipe swivel joint assembly. The company’s patent for Spacerless or Geocomposite Double Bottom for Storage Tanks relates to a replacement bottom with leak detection and containment that allows for the retrofitting of an existing tank while minimizing the loss of capacity. The patent for the Training Tank for Personnel Entry, Exit and Rescue relates to a training device that could be used to train personnel on equipment that is made to simulate confined space scenarios. The company also holds a perpetual license to use various patents and technologies related to LNG storage tanks, LIN/LOX storage tanks, LPG storage tanks and thermal vacuum chambers. Regulation The company’s operations are subject to regulation by the United States Occupational Safety and Health Administration and Mine Safety and Health Administration, and to regulation under state laws and by the Canadian Workers’ Compensation Board and its Workplace Health, Safety and Compensation Commission. History Matrix Service Company was founded in 1984 as an Oklahoma corporation. The company was incorporated in the state of Delaware in 1989.
matrix service co
(MTRX:Consolidated Issue Listed on NASDAQ Global Select )
5100 East Skelly Drive
Tulsa, OK 74135
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