ESCO Announces Doble Contract Award in Saudi Arabia
ST. LOUIS, June 24, 2014 - ESCO Technologies Inc. (NYSE: ESE) (ESCO or the "Company") today announced that Doble Engineering Company (Doble) has signed a utility services contract with National Grid Saudi Arabia (NGRID SA) to enhance its electric grid infrastructure reliability.
NGRID SA has developed a nationwide initiative to improve the capacity and reliability of its electric power grid. To support this program, the Saudi government has formally announced plans to invest a significant amount of money in water and electricity infrastructure projects during 2014.
Understanding that transformers are the backbone of its transmission grid, NGRID SA has chosen to leverage Doble's expertise in condition-based assessment of these critical and strategic assets, which will serve as the foundation of this program.
Doble and NGRID SA will work together to perform asset health reviews on nearly 1,000 transmission transformers within a portion of NGRID SA's service territory. This program will allow NGRID SA to use a predictive-based maintenance philosophy along with some time-based practices that allows internal resources to be better allocated, while enhancing overall grid performance by detecting and managing problems earlier.
Partnering with Doble allows NGRID SA to review and enhance its overall testing and maintenance practices, improve its root cause analyses of historical failures, and provide a comprehensive evaluation of its in-house electrical insulating oil laboratories.
David Zabetakis, President of Doble, commented, "NGRID SA is a leader in the advancement of electric power grids in the Middle East as they continue to focus significant resources on staying ahead of the fast-growing demand for reliable electric power. NGRID SA was looking for the best, most cutting-edge and cohesive assessment protocols for its critical assets, and Doble was selected as the partner most capable to meet these requirements, while making certain that electricity will be delivered consistently, reliably and safely."
Vic Richey, Chairman and Chief Executive Officer, commented, "This is an exciting time for Doble as this contract significantly enhances our international expansion strategy, and validates both our extensive reach and our world-class reputation within the utility industry globally. We look forward to sharing our grid reliability expertise with NGRID SA and capitalizing on the experience and additional knowledge that this opportunity creates for us as we continue to grow this segment of our business."
ESCO, headquartered in St. Louis, provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. In addition, the Company provides diagnostic instruments, services and the world's premier library of statistically significant apparatus test results for the benefit of energy generation, transmission, and delivery companies and industrial power users worldwide. Further information regarding ESCO and its subsidiaries is available on the Company's website at www.escotechnologies.com.
Forward-Looking Statement
Statements regarding the work to be completed under, and the success of the NGRID SA agreement awarded to Doble, are "forward-looking" statements within the meaning of the safe harbor provisions of the Federal securities laws. Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update. The actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment including, without limitation, changes in customer demands, technical difficulties, labor issues, and delays.
SOURCE ESCO Technologies Inc.
Kate Lowrey, Director of Investor Relations, (314) 213-7277
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