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. The Electrical Infrastructure segment primarily encompasses 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. The Oil Gas & Chemical segment includes traditional turnaround activities, plant maintenance services and construction in the downstream petroleum industry. Another offering is industrial cleaning services includes 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. The Storage Solutions segment includes new construction of crude and refined products aboveground storage tanks (ASTs), as well as planned and emergency maintenance services. Also included in the Storage Solutions 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. The company also offers aboveground storage tank products, including floating roof seals. The Storage Solutions segment includes balance of plant work in storage terminals and tank farms. The Industrial 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 The company provided services to approximately 560 customers in fiscal 2014. Two customers, TransCanada Corporation and Enbridge, accounted for 17.3% and 12.7% of consolidated revenue, respectively in fiscal 2014. Seasonality Quarterly operating results can exhibit seasonal fluctuations, especially in the company’s Oil Gas & Chemical segment. 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 many 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 unique seals for floating roof tanks. The FastFroth trademark is utilized to market the company’s unique industrial cleaning process. Its patented RS 1000 Tank Mixer controls sludge build-up in crude oil tanks through resuspension. The Flexible Fluid Containment System patent relates to a flexible fluid containment system that captures and contains flue leaking from pipe and valve connections. The Flex-A-Swivel patent refers to 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. Health and Safety Regulations The company’s operations are subject to regulation by the United States Occupational Safety and Health Administration and Mine Safety and Health Administration (MSHA), 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:NASDAQ GS)
5100 East Skelly Drive
Tulsa, OK 74135
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