Graham Corporation Awarded $6.4 Million in Orders

Includes two refining industry orders, both for U.S. Gulf Coast
installations

BATAVIA, N.Y.–(BUSINESS WIRE)–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 new orders
totaling approximately $6.4 million, both for refining industry
installations in the U.S. Gulf Coast.

One of the orders involves replacing another supplier’s equipment that
was at the end of its operating life. Graham won the order by offering
improved designs which will reduce equipment size, lower the
installation cost and improve operating performance. Equipment delivery
is scheduled for the third quarter of fiscal 2019.

The other order resulted from a customer performance improvement
initiative to increase recovery of higher valued products during the
refining process. This order comprises a revamp of Graham’s original
system supplied in the mid-1970s. Equipment delivery is scheduled for
the first quarter of fiscal 2019.

James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We have been focused on the installed base in the North
America refining market. We expect that capital spending evidencing a
recovery will occur in this market first, and will involve both refinery
performance improvement projects and replacement equipment. Performance
improvement projects can have opportunity value for our equipment
comparable with new capacity investment.”

He continued, “We have followed both of these projects for some time,
working closely with each refiner’s process engineering group. We
believe that our consultative selling model continues to create value
for the refining market as well as for Graham.”

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.

Safe Harbor Regarding Forward Looking Statements

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.

Forward-looking statements are subject to risks, uncertainties and
assumptions and are identified by words such as “expects,” “estimates,”
“confidence,” “projects,” “typically,” “outlook,” “anticipates,”
“believes,” “appears,” “could,” “opportunities,” “seeking,” “plans,”
“aim,” “pursuit,” and other similar words. All statements addressing
operating performance, events, or developments that Graham Corporation
expects or anticipates will occur in the future, including but not
limited to, expected expansion and growth opportunities within its
domestic and international markets, anticipated revenue, the timing of
conversion of backlog to sales, market presence, profit margins, tax
rates, foreign sales operations, its ability to improve cost
competitiveness, customer preferences, changes in market conditions in
the industries in which it operates, changes in commodities prices, the
effect on its business of volatility in commodities prices, changes in
general economic conditions and customer behavior, forecasts regarding
the timing and scope of the economic recovery in its markets, its
acquisition and growth strategy and the expected performance of Energy
Steel & Supply Co. and its operations in China and other international
locations, are forward-looking statements. Because they are
forward-looking, they should be evaluated in light of important risk
factors and uncertainties. These risk factors and uncertainties are more
fully described in Graham Corporation’s most recent Annual Report filed
with the Securities and Exchange Commission, included under the heading
entitled “Risk Factors.”

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.

Contacts

Graham Corporation
Jeffrey F. Glajch, 585-343-2216
Vice
President – Finance and CFO
[email protected]
or
Kei
Advisors LLC
Deborah K. Pawlowski, 716-843-3908
[email protected]
or
Karen
L. Howard, 716-843-3942
[email protected]