SPX Awarded Contract to Provide Oil Production Pumps for EnQuest's Kraken Field in the North Sea

CHARLOTTE, N.C., Nov. 21, 2013 /PRNewswire/ -- SPX Corporation (NYSE: SPW) today announced that it was awarded a contract in Q3 worth approximately $22 million for oil well production pumps. The pumps will be utilized for key artificial lift service on EnQuest's new offshore subsea heavy oil field project, currently being developed in the UK North Sea.

Specifically, the new order is for fifteen ClydeUnion-branded Hydraulic Submersible Pumps, (HSPs), which will be fulfilled by ClydeUnion's main facility located in Glasgow, Scotland. Deliveries are scheduled to begin in 2014 and continue through 2015.

Plans call for each oil production well within the field to be equipped with a single HSP, located in the well bore more than 3,000 feet below the seabed. The pumps will provide essential pressure boosting for the reservoir fluids to enable production at optimal rates to the field's FPSO facilities. ClydeUnion's turbine-driven HSP technology offers the unique combination of pressure boosting and flow assurance improvements, which is particularly beneficial for heavy oil production.

"SPX ClydeUnion Pumps' HSP features a multiphase pump technology that has been successfully deployed for more than 12 years in a similar subsea well development and has been proven to offer high operational flexibility, availability and reliability," said Tony Renzi, president of SPX Flow Power & Energy. "Our technology can reduce the need for well access for pump servicing, and consequently often enables our customers to more easily determine their operating expenditures."

ClydeUnion's HSP technology continues a long tradition of being at the forefront of providing engineered solutions in offshore pumping for the oil and gas sector. SPX sees increased opportunities for the application of the HSP as an enabling technology, particularly as offshore oil projects become more challenging, and as customers seek increased equipment performance and reduced life cycle costs.

About ClydeUnion Pumps

With a facility in Glasgow, Scotland, and others in the U.S., Canada, France and the U.K., SPX's ClydeUnion Pumps business has been manufacturing pumps since 1886. From engineered solutions to aid offshore oil and gas exploration in remote locations, to pumping systems that meet the increasingly tough demands of pipelines and global refinery systems, ClydeUnion pumps are utilized for critical fluid transfer duties around the world. Meeting the demand for high efficiency and reliability, ClydeUnion pumps are often found in onshore and offshore oil and gas fields, satisfying a wide range of pumping services including high pressure water injection, crude oil transfer and pipeline boosting, cooling water and fire water supply and for the handling of various industry related fluids. More information on ClydeUnion can be found at http://www.spx.com/en/clydeunion-pumps/.

About SPX

Based in Charlotte, North Carolina, SPX Corporation (NYSE: SPW) is a global Fortune 500 multi-industry manufacturing leader with approximately $5 billion in annual revenue, operations in more than 35 countries and over 14,000 employees. The company's highly-specialized, engineered products and technologies are concentrated in Flow Technology and energy infrastructure. Many of SPX's innovative solutions are playing a role in helping to meet rising global demand for electricity and processed foods and beverages, particularly in emerging markets. The company's products include food processing systems for the food and beverage industry, critical Flow components for oil and gas processing, power transformers for utility companies, and cooling systems for power plants. For more information, please visit www.spx.com.

Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read this press release in conjunction with the company's documents filed with the Securities and Exchange Commission, including the company's annual reports on Form 10-K, and any amendments thereto, and quarterly reports on Form 10-Q. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "believe," "expect," "anticipate," "project" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX disclaims any responsibility to update or revise such statements.

SOURCE SPX Corporation

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