This excerpt taken from the MTRX 8-K filed Feb 20, 2008.
IN CUSHING, OKLAHOMA
Tulsa, OK February 19, 2008 Matrix Service Co. (NASDAQ: MTRX), a leading industrial services company, today confirmed that it has added to backlog a contract that its wholly owned subsidiary, Matrix Service, Inc., an industrial service contractor, has been awarded a contract with Parnon Storage, Inc., a 100% wholly owned subsidiary of Parnon Holdings Inc. for construction of aboveground storage tanks (AST) for crude oil storage at the TEPPCO facility in Cushing, Oklahoma. Matrix Services work on this project is expected to be approximately $50 million.
The scope of the work will entail turnkey construction of approximately 3 million barrels of tankage and all ancillary work required for a functional facility. The project is expected to be completed by the summer of 2009.
Michael J. Bradley, president and CEO of Matrix Service, said, We have been progressing under work orders at the job site for several months and are pleased to be expanding our customer base with the final award of the contract. We look forward to completing this project for Parnon Storage as they expand their business.