Kaneb Services' Furmanite Deploys Customized Solutions for Hydropower and Offshore Production Facilities.Business Editors DALLAS--(BUSINESS WIRE)--May 10, 2001 Furmanite Well-Positioned to Benefit from Upturn in Power and Petroleum Industries Highlights -- Furmanite develops innovative customized solutions and deploys in record time to keep U.K. hydropower hy·dro·pow·er n. Hydroelectric power. and North Sea offshore customers operating and profitable -- Furmanite's reputation, global reach and performance for customers positions the company to benefit from upturn in power and petroleum industries Kaneb Services, Inc. (NYSE NYSE See: New York Stock Exchange :KAB kab n. Variant of cab2. ), which will soon change its name to Xanser Corporation, announced today that its wholly-owned subsidiary Furmanite Worldwide has recently developed and deployed more customized solutions for hydropower and offshore production facilities. Furmanite, one of the world's largest technical services firms, is leveraging its reputation and global reach to benefit from the upturn in the power and petroleum industries, where the company enjoys long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. customer relationships based on proven performance. "Furmanite's reputation is built on its ability to quickly assess a customer's needs, apply its proven expertise and engineering capabilities, and deploy a customized solution to keep complex operations on-line and profitable," said John R. Barnes, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Kaneb Services, Inc. "Recently deployed solutions for the power and petroleum industries, which are representative of the many Furmanite undertakes every day around the world, highlight this unique capability and the opportunities we see to grow our business in these industries now and over the long-term." Furmanite recently developed and deployed a customized high-tech machining solution that avoided several weeks of anticipated downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. in one of Europe's largest pumped storage Pumped storage A process, also known as hydroelectric storage, for converting large quantities of electrical energy to potential energy by pumping water to a higher elevation, where it can be stored indefinitely and then released to pass through hydraulic power stations. In nine days of 24-hour shifts, Furmanite's engineers and technicians implemented the solution, restoring operations to the Dinorwig hydropower station in North Wales North Wales (known in some archaic texts as Northgalis) is the northernmost unofficial region of Wales, bordered to the south by Mid Wales and to the east by England. . In the North Sea, Furmanite recently applied a customized solution on an offshore platform that resulted in approximately $22 million cost savings for the customer, Shell UK Exploration and Production. Furmanite completed its solution within a critical 24-hour period -- nine days less than required by standard repair technicians. "Furmanite has a proven record and knows our industry," said Shell senior offshore support officer Joe O'Neil. "It was vital that we had absolute faith in the solution proposed and the team carrying it out. Furmanite met all our requirements, and ultimately saved us time and money." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Joe Lahey, CEO of Furmanite Worldwide, "The power and petroleum industries are clearly in a growth mode today, and that is not a short-term reality. For many years, investment has been deferred in the power and energy infrastructure worldwide. Faced with ever-increasing demands for power, driven by the world's population, these industries are gearing up for expansion. We are in an outstanding position to leverage Furmanite's reputation, capabilities and global reach to seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. opportunities for growth." About Furmanite Furmanite Worldwide is one of the world's largest specialty technical services firms. For 65 years, Furmanite has achieved the most recognized and respected brand in technical services worldwide. Today, with more than 40 offices on five continents, Furmanite is a global provider of technology-based and technical solutions to international industries. Furmanite's customers encompass every element in the energy and power supply chain -- from offshore and land-based drilling operations, to pipelines, refineries and power generation facilities. Its customers also include steel mills, automotive manufacturers, pulp and paper mills, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Across this diverse, global customer base, Furmanite delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability. Furmanite, known as The Solutions Group, holds more than 200 international patents and trademarks for its customized products and services, and is recognized as the market leader in technical services. ABOUT KANEB SERVICES, INC. (XANSER CORPORATION, upon shareholder ratification The confirmation or adoption of an act that has already been performed. A principal can, for example, ratify something that has been done on his or her behalf by another individual who assumed the authority to act in the capacity of an agent. ) Kaneb Services, Inc. (NYSE:KAB) provides technology-based and technical services worldwide. Headquartered in Dallas, Kaneb Services' operations consist of information technology companies and an international technical services firm. Furmanite Worldwide, Inc., one of the world's largest specialty technical services companies, partners with clients to solve a variety of engineering problems in a rapid, reliable manner. From energy and pulp and paper, to refineries and pharmaceutical plants, to petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and chemical plants, to food processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. and national defense work, Furmanite offers a portfolio of engineering solutions to the challenges inherent in multiple industries. Furmanite operates more than 40 offices on five continents. Xtria, a knowledge management services company, serves niche, high-growth, technology-based markets. Xtria's portfolio consists of extensive industry knowledge and technology in voice and data networks, medical systems, financial and insurance, health and social services social services Noun, pl welfare services provided by local authorities or a state agency for people with particular social needs social services npl → servicios mpl sociales , law enforcement and education. The company's knowledge management focus serves customers in the transformation of day-to-day business data and information to valuable knowledge that accelerates performance and competitive advantage. Upon completion of Kaneb Services' planned distribution of its pipeline, terminaling and product marketing businesses to shareholders, and pending shareholder ratification at the Annual Meeting, the company's name will change to Xanser Corporation (pronounced zan' ser). The company has reserved the symbol "XNR" on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . For more information, visit www.kaneb.com. Certain of the Company's statements in this press release are not purely historical, and as such are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include statements regarding management's intentions, plans, beliefs, expectations or projections of the future. Forward-looking statements involve risks and uncertainties, including without limitation, the various risks inherent in the Company's business, and other risks and uncertainties detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. One or more of these factors have affected, and could in the future affect, the Company's business and financial results in future periods, and could cause actual results to differ materially from plans and projections. There can be no assurance that the forward-looking statements made in this document will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to management, and the Company assumes no obligation to update any forward-looking statements. |
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