HOUSTON--(BUSINESS WIRE)--Oct. 2, 2003--Hanover Compressor Company
(NYSE:HC), a leading provider of surface equipment and services to the
global energy industry, announced today that it has been awarded a
maintenance service contract with BP America Inc. covering all of BP
America's compression equipment and engine driven generator packages
in the Continental Shelf and Deepwater Gulf of Mexico. The contract is
a three-year agreement that includes overall project management of
preventative, routine and other maintenance, including labor and
materials, parts management and required engineering services.
"We are excited about this opportunity to broaden our relationship
with BP," said Chad Deaton, president and chief executive officer of
Hanover. "This contract represents a significant milestone for Hanover
as we look to continue to expand our operations and maintenance
service product offerings."
About Hanover Compressor
Hanover Compressor Company (www.hanover-co.com) is a global market
leader in full service natural gas compression and a leading provider
of service, fabrication and equipment for oil and natural gas
processing and transportation applications. Hanover sells and provides
this equipment on a rental, contract compression, maintenance and
acquisition leaseback basis to oil and natural gas production,
processing and transportation companies that are increasingly seeking
outsourcing solutions. Founded in 1990 and a public company since
1997, Hanover's customers include both major and premier independent
oil and gas producers as well as national oil and gas companies.
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe harbors
from liability established by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements can generally be
identified as such because of the context of the statement and may
include words such as "believes," "anticipates," "expects,"
"estimates," or words of similar import. Similarly, statements that
describe Hanover's future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties, which could cause actual
results to differ materially from those anticipated as of the date of
this press release. These risks and uncertainties include: our
inability to renew our short-term leases of equipment that is leased
to our customers so as to fully recoup our cost of the equipment; a
prolonged, substantial reduction in oil and natural gas prices, which
could cause a decline in the demand for our compression and oil and
gas production equipment; reduced profit margins resulting from
increased pricing pressure in our business; the loss of market share
through competition; the introduction of competing technologies by
other companies; changes in economic or political conditions in the
countries in which we do business; currency fluctuation; losses due to
the inherent risks associated with our operations, including equipment
defects, malfunctions and failures and natural disasters; governmental
safety, health, environmental and other regulations, which could
require us to make significant capital expenditures; legislative
changes in the countries in which we do business; our inability to
successfully integrate acquired businesses; our inability to properly
implement new enterprise resource planning systems used for
integration of our businesses; our inability to retain key personnel;
war, social unrest, terrorists attacks, and/or the responses thereto;
our inability to generate sufficient cash, access capital markets or
incur indebtedness to fund our business; our inability to comply with
loan and compression equipment lease covenants; the decreased
financial flexibility associated with our significant cash
requirements and substantial debt and compression equipment lease
commitments; our inability to reduce our debt relative to our total
capitalization; our inability to execute our exit and sale strategy
with respect to assets classified as discontinued operations and held
for sale; our inability to conclude the agreed upon settlement of the
securities-related litigation and adverse results in other litigation
brought by plaintiffs that are not party to the settlement;
fluctuations in our net income attributable to changes in the fair
value of our common stock which will be used to fund the settlement of
the securities-related litigation; and adverse results in the pending
investigation by the Securities and Exchange Commission. A discussion
of these factors is included in the Company's periodic reports filed
with the Securities and Exchange Commission. The forward-looking
statements included in this press release are only made as of the date
of this press release and, except otherwise required by law, Hanover
undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
CONTACT: Hanover Compressor Company, Houston
Lee Beckelman, 281-447-8787
SOURCE: Hanover Compressor Company