Clean Harbors updates its participation in Gulf oil rig spill response

June 2, 2010
Clean Harbors Inc has been contracted to provide a variety of environmental response services throughout the Gulf of Mexico region to protect the area’s natural resources from the effects of the ongoing oil rig spill

Clean Harbors Inc has been contracted to provide a variety of environmental response services throughout the Gulf of Mexico region to protect the area’s natural resources from the effects of the ongoing oil rig spill.

The company has deployed a number of its own personnel and subcontractors to various locations throughout the Gulf. As part of its engagement, it also has been tasked with recruiting and training residents of the affected Gulf areas to safely conduct oil spill clean-up along the coastline. Clean Harbors has been contracted by government agencies and private organizations to provide a range of support and logistical services. As part of its efforts, the firm is supplying equipment, including boats, containment boom, skimmers, and vacuum trucks, as well as recovery and treatment systems from its equipment inventory. Clean Harbors is involved in many aspects of the spill response including containment, removal, disposal, and recycling of the recovered oil.

“While the full scope of our participation in the clean-up efforts continues to evolve, we are providing this update on our activities in response to numerous inquiries from the media, investors, and other stakeholders,” said Alan S McKim, chairman and chief executive officer. “Our customers’ requirements will depend upon weather, tidal conditions, and the amount of oil that ultimately strikes the coastline. Therefore, the duration of our contracts, staffing levels, and dedicated equipment are subject to frequent change. However, we believe we have reached a point where we can quantify the potential near-term revenue impact from the spill.”

“At this time, we are estimating that this event will result in an increase in second quarter 2010 revenues of 15% to 20% of the current First Call consensus estimate of $352.0 million,” said James M Rutledge, chief financial officer. “Due to the fluidity of the situation, we do not anticipate providing any further financial updates beyond this range. We will share additional information when we announce our second-quarter financial results in early August.”

A link on Clean Harbors’ website keeps investors and interested stakeholders updated on the company’s efforts.