Perma-Pipe International Holdings Announces Further Contract Awards of $15 Million in Egypt and Saudi Arabia
17 March 2022 - 7:41AM
Business Wire
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today
announced it has recently been awarded contracts totaling in excess
of $15.5 million in Saudi Arabia and Egypt. Projects will be
executed in Perma-Pipe’s facilities during Q1 2022.
The newly awarded projects are part of major infrastructure
developments in King Salman Park, Security Forces Medical City –
Riyadh, King Abdullah International Gardens, Saudi Arabia, and Ain
Shams University in the New Capital City, Egypt. The projects will
utilize Perma-Pipe’s XTRU-THERM® insulation system, a spray-applied
polyurethane foam jacketed with a high-density polyethylene casing,
fabrication and coating capabilities. The PermAlert® leak detection
system will also be supplied with the insulated pipelines.
Raed Al Saleh, General Manager for Perma-Pipe Saudi Arabia
states, “We are delighted with these contract awards at the start
of 2022, which is shaping up to be another successful year.”
Adham Sharkawy, General Manager for Perma-Pipe Egypt stated,
“This is another significant award from EGEMECH following on from
our success with a similar project in Al-Alamin, Egypt in 2021.
This product diversification strengthens our position in the market
and we thank EGEMECH for continuing to place their trust and
confidence in Perma-Pipe.”
Saleh Sagr, Sr., Vice President for Perma-Pipe’s MENA region
commented, “We are very appreciative for all these customers that
placed their trust in Perma-Pipe to execute these projects. We
value our existing relationships as well as our new ones and look
forward to providing our services to these customers.”
David Mansfield, President and CEO commented, "We are pleased to
have won the confidence of new customers, and to have the
opportunity to continue to demonstrate our capabilities to our
existing customers. It is also encouraging to see the continuing
opportunities in these markets after the disruptions caused by the
events of the past two years. This is a good start to the current
year and it provides us with a solid foundation to continue our
success into 2022.”
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 thirteen locations in six
countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220316005985/en/
David Mansfield, President and CEO Perma-Pipe
Investor Relations investor@permapipe.com
847.929.1200
Perma Pipe (NASDAQ:PPIH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Perma Pipe (NASDAQ:PPIH)
Historical Stock Chart
From Jul 2023 to Jul 2024