M&I Electric announces multi-million dollar contract award at one of world’s largest EPC firms for leading global integrate...
December 05 2016 - 9:30AM
American Electric Technologies, Inc. (NASDAQ:AETI), a leading
provider of power delivery solutions for the global energy
industry, announced today that its M&I Electric business has
been awarded a contract to provide a turnkey power delivery
solution for a liquid processing plant and terminal in Trinidad
owned by one of the world's largest integrated oil and gas
companies.
The contract award was received from one of the largest
Engineering, Procurement, and Construction (EPC) firms in the world
and represents M&I’s first turnkey solution contract award with
this EPC firm.
The project is an upgrade to an onshore terminal in Trinidad
that processes oil and gas flowing from offshore fields via a 12”
subsea pipeline. M&I Electric’s turnkey power
distribution solution includes an M&I Power Distribution Center
(PDC) with UL1558 arc-resistant low voltage switchgear, low voltage
Motor Control Centers (MCCs), and other ancillary equipment.
“This is a very important order award for the company as it
represents our break-in win for this pre-eminent global EPC firm
and for this supermajor global integrated oil & gas company,”
said Charles Dauber, President and CEO, AETI. "We are pleased that
the investments the company had made over the past two years in new
products, our plant expansion and sales and marketing are paying
off and have resulted in the successful penetration of the
industry’s leading energy companies and their EPC firms for their
challenging projects.”
M&I expects delivery of this project to occur in the second
half of 2017. Additional details were not disclosed.
About AETI:
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading
supplier of power delivery solutions for the global energy
industry. AETI offers M&I Electric™ power distribution and
control products, electrical services, and E&I construction
services. AETI is headquartered in Houston and has global
operations in Beaumont, Texas; and Rio de Janeiro, Macae and Belo
Horizonte Brazil. In addition, AETI has minority interests in two
joint ventures, which have facilities located in Xian, China and
Singapore. AETI’s SEC filings, news and product/service information
are available at www.aeti.com.
Contact:
Bill Brod
Chief Financial Officer
713-644-8182
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