NILES, Ill.--(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180910005013/en/
Perma-Pipe International Holdings, Inc.
David Mansfield
President
and CEO
or
Perma-Pipe Investor Relations
847.929.1200
investor@permapipe.com
Source: Perma-Pipe International Holdings, Inc.