AETI announces renewal of Chinese Joint Venture
April 18 2018 - 8:00AM
American Electric Technologies, Inc. (NASDAQ:AETI), a leading
provider of power delivery solutions for the global energy
industry, announced today that its subsidiary, M&I Electric,
along with joint venture partner BOMCO (a China National Petroleum
Corporation (CNPC) subsidiary), has executed a ten year extension
of their BOMAY joint venture in China.
Located in the city of Xi'an in the Shaanxi Province of China,
BOMAY Electric Industries is a leading supplier of electric power
and control systems and solutions to the drilling and production
segments of the oil and gas industry.
BOMAY was originally established in 2006. Since that time, BOMAY
has shipped electric control systems to over 500 drilling rigs for
its customers, generating cumulative revenue of over $580 million
US, and income of $44 million. The majority of BOMAY’s revenue has
come from CNPC, Sinopec and China National Offshore Oil Corporation
(CNOOC) in both the Chinese and overseas markets.
M&I Electric is a 40% owner of this venture. While past
performance is not indicative of future results, during the 12
years, the JV has been profitable and paid cash dividends every
year.
“We are happy to extend our BOMAY Joint Venture agreement for
another 10 years,” said Charles Dauber, AETI President and CEO. “We
look forward to growing the BOMAY business with the BOMAY
management team as the Chinese and other global oil markets
continue to recover.”
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 a minority interest in
BOMAY Electric, located in Xi'an, China. 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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