Perma-Pipe International Holdings Announces Major Contract Award in Saudi Arabia
September 10 2018 - 8:00AM
Business Wire
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today
announced its subsidiary Perma-Pipe Saudi Arabia LLC has been
awarded a significant contract in excess of $15 million by Italy’s
Saipem S.p.A. for the provision of a thermal insulation system,
field joints, and a leak detection system for two 55 kms (110 kms
in total), 30 inch diameter, low sulphur fuel oil lines for Kuwait
Oil Company’s (KOC) New Refinery Project in Kuwait. The project
will utilize Perma-Pipe’s Xtru-Therm insulation system, a
spray-applied polyurethane foam jacketed with a high-density
polyethylene casing. Perma-Pipe will also be involved with the
field joint systems, as well as being responsible for the supply,
installation, and commissioning of a leak detection system for the
insulated pipelines. The project will begin execution in
Perma-Pipe’s facilities in Q4 2018 and will be completed in
mid-2019.
Grant Dewbre, Sr. Vice President for Perma-Pipe’s MENA region
states, "We are very appreciative that Saipem placed their trust in
Perma-Pipe to execute this project. We value our relationships with
both Saipem and KOC and look forward to continuing our successful
history of service to both companies. We will strive to exceed the
expectations of our client and ultimate customer on this
project."
President and CEO David Mansfield commented, "Perma-Pipe looks
forward to serving Saipem and KOC on this project. We are pleased
to see an increase in project opportunities in the Middle East, and
excited about the region’s potential and serving our customers
moving forward."
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a
global leader in pre-insulated piping and leak detection systems
for oil and gas gathering, district heating and cooling, and other
applications. It uses its extensive engineering and fabrication
expertise to develop piping solutions that solve complex challenges
regarding the safe and efficient transportation of many types of
liquids. In total, Perma-Pipe has operations at seven locations in
five countries.
Forward-Looking Statements
Statements and other information contained in this announcement
that can be identified by the use of forward-looking terminology
constitute "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, and are
subject to the safe harbors created thereby, including, without
limitation, statements regarding the expected future performance
and operations of the Company. These statements should be
considered as subject to the many risks and uncertainties that
exist in the Company's operations and business environment. Such
risks and uncertainties include, but are not limited to, the
project nature of the business, the increasing international nature
of the business, economic conditions, market demand and pricing,
competitive and cost factors, raw material availability and prices,
global interest rates, currency exchange rates, labor relations and
other risk factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20180910005013/en/
Perma-Pipe International Holdings, Inc.David
MansfieldPresident and CEOorPerma-Pipe
Investor
Relations847.929.1200investor@permapipe.com
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