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Aegion Corporation Awarded Two CIPP Projects Totaling $9.3 Million (USD) In Kuala Lumpur, Malaysia

Stocks in this article: AEGN

Aegion Corporation (Nasdaq Global Select Market: AEGN) announced the award today of two subcontracts for its Malaysian subsidiary, Insituform Linings Asia Sdn Bhd, with a total value of approximately $9.3 million (USD). These projects originate from the Government of Malaysia under the Department of Sewerage Services, Ministry of Energy, Green Technology & Water for the rehabilitation of pipelines in Kuala Lumpur, the capital city of Malaysia.

In 2011, the Government of Malaysia began an Economic Transformation program, which is expected to continue through 2015. The program includes the rehabilitation of pipelines, sewerage management and improvements to transportation systems, oil and gas facilities and river restoration throughout Kuala Lumpur. The Government of Malaysia plans to spend $35 million to $40 million per year for work on dedicated trenchless rehabilitation projects in Kuala Lumpur. These contracts are the first cured-in-place pipe (CIPP) projects to be awarded to Aegion Corporation under this program.

J. Joseph Burgess, President and Chief Executive Officer of Aegion Corporation, said, “We commend the Government of Malaysia for its foresight to initiate a five-year infrastructure improvement program. Insituform’s global CIPP experience, including its proprietary CIPP process, will be an asset for successfully completing these projects and we are pleased with the opportunity to compete for additional work under this program.”

Work on the projects is expected to begin in July 2012 and take approximately 18 months to complete. The projects involve the rehabilitation of approximately 21 miles of 9-inch to 36-inch diameter pipelines located throughout residential and commercial areas within greater Kuala Lumpur.

The Government of Malaysia’s decision in selecting Insituform was based on several factors, including technical capability, experience, reputation and price. Insituform will install its CIPP technology as a specialty subcontractor for two Malaysian based contractors.

Insituform entered the Malaysian market in 2010 and is currently in the completion stages of a $2.5 million (USD) project in Labuan, located in eastern Malaysia.

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