Camber Energy Inc. (NYSEAMERICAN:CEI) has announced that Lineal Industries a subsidiary it acquired recently had regained a primary legacy customer it had lost before its purchase by Lineal Star Holdings last year.
Lineal regains a major client
The customer the subsidiary regains is one of the biggest refined petroleum products distributors in the US. It has strategically located stations in Southeast, Northeast and MidAtlantic markets. This was Lineal’s principal clients through which the previous Lineal owners pursued bigger and complex pipeline projects that the company built its reputation on. Lineal has now received various pipeline projects by the required client which enhances the company’s prospects to offer continuous maintenance and capital project services.
Lineal Star CEO Tim Connolly indicated that when they acquired Lineal industries last year they wanted to recreate its business of integrity. They sought to improve its pipeline services instead of depending on capital projects. He added that the new customer is a huge milestone in the right path of executing the strategic rebuilding of the company’s previous strategy. He added that they were optimistic that a business created on singles and doubles will offer home runs and the team is proud to win back its legacy client.
Completion of $7.7 million relocation project
The Camber subsidiary recently announced the completion of a pipeline relocation project of around $7.7 million. The company completed the project in conjunction with the expansion of the Southern Beltway access in Pittsburgh, Pennsylvania. Lineal began the project in the third quarter of last year after receiving it from leading energy companies in the US.
The CEO indicated that the project was a good example of the kind of speciality construction that Lineal Industries shines in. Connolly added that they managed to complete the project safely within the set timelines and on the client’s budget. He said that the customer who already awarded Lineal with more on-going projects that began in 2018 as well.
In a note to Camber shareholders, Connolly assured them that the pending audit regarding the acquisition of Lineal Star is being pursued and could be finalized very soon.