Insituform Technologies Awarded Coating Contracts Valued at $5.0 Million
August 19 2011 - 9:36AM
Business Wire
Insituform Technologies, Inc. (Nasdaq Global Select Market:
INSU) announced today that its subsidiary, The Bayou Companies, LLC
(“Bayou”), has been awarded contracts totaling approximately $5.0
million to provide the corrosion coating for the export lines
delivering natural gas from the Walker Ridge Gathering System, an
ultra-deepwater project located in the Gulf of Mexico, and the Big
Foot pipeline that connects production facilities to existing
subsea pipeline infrastructure.
Bayou will provide fusion bonded epoxy coating for the Walker
Ridge Gathering System and Big Foot Development projects. Upon
completion, the Walker Ridge Gathering System will include
approximately 190 miles of 8-inch and 10-inch diameter pipelines.
The pipelines will be located at depths of 5,900 to 7,000 feet in
the Gulf of Mexico.
Bayou will also provide the corrosion coating for the Big Foot
Pipeline, a 40-mile, 20-inch diameter pipeline that connects
100,000 b/d of production to existing subsea pipeline
infrastructure.
Dorwin Hawn, Senior Vice President of Insituform’s Energy &
Mining Group, said, “Bayou is very excited to be part of the Walker
Ridge and Big Foot Development projects. We believe these project
awards demonstrate our customer’s confidence in Bayou’s ability to
execute at a highly technical and demanding level.”
Bayou expects to begin these projects in the fourth quarter
2011.
About Insituform Technologies, Inc.
Insituform Technologies, Inc. is a global leader in pipeline
protection. Insituform provides proprietary technologies and
services for rehabilitating sewer, water, energy and mining piping
systems and the corrosion protection of industrial pipelines. More
information about the Company can be found on its internet site at
www.insituform.com.
About The Bayou Companies, LLC
The Bayou Companies, LLC, a subsidiary of Insituform
Technologies, Inc., is a leading provider of cost-effective
solutions to onshore and offshore energy and infrastructure
companies primarily in North America and the Gulf of Mexico.
Bayou’s products and services include internal and external
pipeline coating, lining, weighting and insulation. Bayou also
provides specialty fabrication and services for offshore deepwater
installations, including project management and logistics. More
information about Bayou can be found on its internet site at
www.bayoucompanies.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. The Company makes
forward-looking statements in this news release that represent the
Company’s beliefs or expectations about future events or financial
performance. These forward-looking statements are based on
information currently available to the Company and on management’s
beliefs, assumptions, estimates or projections and are not
guarantees of future events or results. When used in this document,
the words “anticipate,” “estimate,” “believe,” “plan,” “intend,”
“may,” “will” and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. Such statements are subject to known
and unknown risks, uncertainties and assumptions, including those
referred to in the “Risk Factors” section of the Company’s Annual
Report on Form 10-K for the year ended December 31, 2010, as filed
with the Securities and Exchange Commission on February 28, 2011
and in our subsequent quarterly reports on Form 10-Q. In light of
these risks, uncertainties and assumptions, the forward-looking
events may not occur. In addition, our actual results may vary
materially from those anticipated, estimated, suggested or
projected. Except as required by law, we do not assume a duty to
update forward-looking statement, whether as a result of new
information, future events or otherwise. Investors should, however,
review additional disclosures made by the Company from time to time
in its periodic filings with the Securities and Exchange
Commission. Please use caution and do not place reliance on
forward-looking statements. All forward-looking statements made by
the Company in this news release are qualified by these cautionary
statements.
Insituform®, Bayou™, Global Pipeline Protection®, the
Insituform® logo and the Bayou® logo are the registered and
unregistered trademarks of Insituform Technologies, Inc. and its
affiliates.
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