Insituform Technologies, Inc. Awarded $20.7 Million (USD) Contract from Kuwait Oil Company
September 09 2011 - 9:36AM
Business Wire
Insituform Technologies, Inc. (Nasdaq Global Select Market:
INSU) announced today that Corrpro Companies, Inc. (“Corrpro”), a
subsidiary of Insituform, has been awarded a four-year contract
valued at $20.7 million (USD) from the Kuwait Oil Company (“KOC”).
Corrpro expects to begin work on this project in November 2011.
Under the new contract, Corrpro will develop and execute a
comprehensive corrosion management program from installation of
monitoring equipment to data collection and analysis working
closely with KOC. Corrpro has been providing KOC with internal
corrosion monitoring services since 2005.
David Kroon, President of Corrpro, said, “We are excited to
continue our relationship with KOC. In addition, this contract
award will provide substantial visibility in Kuwait for Corrpro’s
internal corrosion monitoring work over the next four years and
should lead to future cathodic protection projects and provide
opportunities for internal lining work. We believe the Middle East
represents a significant opportunity for not only Corrpro, but also
for Insituform’s other energy and mining companies.”
Research from Business Monitor International indicates Middle
East investment in production and infrastructure will grow over the
next 10 years as oil production is expected to increase by 5.3
million barrels, or 26.5%, per day and consumption is expected to
grow by 43% within the Gulf Cooperation Council countries and
Iraq.
As recently reported, Insituform has been actively focused on
increasing its presence in the Middle East through multiple
strategic channels. In addition to this contract award, recent
Insituform releases have announced a new office in Oman and a joint
venture with Saudi Trading & Research Co. Ltd. (STARC). In
July, Insituform announced the acquisitions of CRTS, Inc., a
pipeline coating services company that has performed significant
work in Saudi Arabia, and Hockway Limited, a cathodic protection
company with operations in the United Kingdom and in the Middle
East.
Corrpro is represented in Kuwait by Ratqa General Trading &
Contracting Co. W.L.L.
About Insituform Technologies, Inc.
Insituform Technologies, Inc. is a global leader in
infrastructure protection. Insituform provides proprietary
technologies and services for the corrosion protection of
industrial pipelines and the rehabilitation and strengthening of
sewer, water, energy and mining piping systems, buildings, bridges
and tunnels and waterfront structures. More information about the
Company can be found on its internet site at
www.insituform.com.
About Corrpro Companies, Inc.
Corrpro Companies is the leading provider of corrosion
protection systems and engineering services in North America and
also has operations in Europe and the Middle East. As a subsidiary
of Insituform Technologies, Inc., Corrpro offers corrosion
solutions for every industrial market including pipeline, refinery,
above and underground storage tanks, water, wastewater, concrete,
infrastructure, offshore, and marine. More information about
Corrpro can be found on its website at www.corrpro.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 any 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®, Corrpro®, the Insituform® logo and the Corrpro®
logo are the registered trademarks of Insituform Technologies, Inc.
and its affiliates.
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