Williams Industrial Services Group Inc. and New England-based utility Eversource Energy entered a master service agreement (MSA), according to a press release on Sept. 21.
Effective Sept. 16, 2022, the MSA specifies that Williams will install, maintain, repair and provide additional necessary services regarding natural gas distribution systems for Eversource's natural gas pipeline in Connecticut and other New England locations.
The agreement will span a three-year period with an optional two-year extension, with no other additional terms currently disclosed.
“I’m pleased to announce this multi-year contract with Eversource, an important step forward regarding our strategic decision to enter the critical transmission and distribution market,” Williams president and CEO Tracy Pagliara commented in the release.
Headquartered in Atlanta, Williams will be helping expand the national energy grid under this agreement, Pagliara continued.
Furthermore, the agreement will allow the company to enhance its gross margin profile and overall performance in the next upcoming quarters.
“This area is experiencing dynamic growth through substantial investments to upgrade and expand the national energy grid, funded by the major capital budgets of our utility customers and supplemented by future federal spending from the recently enacted Infrastructure Investment and Jobs Act," Pagliara said.
Recommended Reading
Oil Steadies as Rate Hikes Loom, Russian Flows Stay Strong
2023-01-30 - Oil steadied on Jan. 30 as looming interest rate hikes by major central banks and signs of strong Russian exports balanced rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand.
What's Affecting Oil Prices This Week? (Dec. 5, 2022)
2022-12-05 - Stratas Advisors considers the Brent crude outlook following OPEC+'s decision to reduce crude supply by 2 MMbbl/d, along with the $60 price cap on Russian oil implemented by G7 countries, the European Union and Australia.
What's Affecting Oil Prices This Week? (Dec. 12, 2022)
2022-12-12 - OPEC member are experiencing supply issues, but they are being overshadowed by decreased Brent crude demand in the U.S., as well as global economy concerns, according to Stratas Advisors.
Oil Prices Retreat as Investor Sentiment Darkens: Column
2022-11-21 - "Investors had been steadily accumulating bullish long positions in petroleum, especially crude, expecting OPEC+ output cuts and the price cap to reduce supplies more than the economic slowdown reduces demand," columnist Joh Kemp shared.
Oil Falls Over 3% Amid Fears More Fed Interest Rate Hikes Coming
2022-12-06 - Russian oil caps, OPEC+ inertia and new data challenges hopes that the Fed might slow the pace and intensity of its rate hikes