Tulsa-Based Matrix Service to Record Additional Charge

Matrix Service Co. will record an additional charge due to increased cost overruns on a Gulf Coast liquefied natural gas project in excess of the $10.5 million loss recorded earlier.

The additional charges could range from $13 million to $16 million.

Matrix received a lump sum contract for the project before Hurricane Katrina truck in 2005.

“The additional cost overruns are primarily attributable to higher craft turnover and continued productivity and construction- related issues on an increasingly compressed schedule for the remaining portions of the project, similar to those previously disclosed,” said Michael J. Bradley, president and CEO of Tulsa- based Matrix Service.

“We will continue to evaluate our estimates to complete as we determine the appropriate periods to which these additional charges relate in order to finalize and report our fiscal second quarter results,” Bradley said.

Originally published by Journal Record Staff.

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