Graham Corporation Awarded $17 Million in North American Refining Industry Orders

Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical, power and defense industries, announced today that it received two orders totaling approximately $17 million, both for ejector systems in the North American refining industry. Equipment delivery for both orders is scheduled for the second quarter of fiscal 2019.

Equipment that the Company engineers and manufactures for the refining market often includes large ejector systems that operate in highly corrosive environments. Both of these orders involve the replacement of currently installed Graham equipment, which is required due to corrosion caused by harsh operating environments. In one instance, the components will be replaced with the same metallurgy. In the other instance, the end user chose replacement equipment with a special metallurgy that offers increased corrosion resistance to extend operating life.

James R. Lines, Graham’s President and Chief Executive Officer, commented, "We are benefiting from our large installed base, where we have been working closely with our customers in the field. These two orders, along with the previously announced orders this quarter, are for existing rather than new installations. Refiners are focused on improving operational performance and reliability of their current process units. We expect that our large installed base will continue to benefit us as the refining industry seeks to maximize capabilities of its existing asset base.”

He continued, "While we are pleased with these orders and have seen an uptick in activity from the refining market during this quarter, we do not believe that these recent successes reflect a sustained shift in capital spending within the refining industry.”

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, nuclear and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham is also a leading nuclear code accredited fabrication and specialty machining company. Graham supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East. Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.

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This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

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Should one or more of these risks or uncertainties materialize, or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

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