This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

AETI Brazil Acquires Leading Brazilian Offshore Oil & Gas Electrical Services Company

Stocks in this article: AETI

RIO DE JANEIRO, Brazil, Aug. 27, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading global supplier of power delivery solutions for the energy industry, today announced that as part of its global energy growth strategy, its Brazil joint venture operation has acquired the assets of Assort Services LTDA ("Assort") of Rio De Janeiro, Brazil for an undisclosed amount.

Assort provides electrical technical services for the offshore oil & gas market including electrical system commissioning, preventative maintenance services, emergency electrical equipment services and power system upgrade services.

"Our growth strategy focuses on expansion in the key global energy markets such as Brazil. Part of our strategy is to add strategic capabilities through targeted acquisitions of respected companies like Assort Services," said Charles Dauber, chief executive officer, AETI. "Having Assort as part of AETI Brazil enables us to accelerate our customer service capabilities in the Brazilian Campos Basin and other deep water regions, and we look forward to having them on our team."

As part of the acquisition, Assort President Antonio Carlos Martins will join AETI Brazil as General Manager, Services, reporting to Jose Octavio, General Manager of AETI Brazil.

"Assort Services is the leading offshore electrical services company in Brazil and their technicians are known in the region for their technical skills and safety focus" said Jose Octavio. "With our combined service teams and recent acquisition of additional electrical test equipment, we can fully support the electrical service needs of Brazil's fast-growing offshore oil and gas market." 

AETI Alliance Group Brazil ("AETI Brazil") is a joint venture between American Electric Technologies, Inc. of Houston, Texas and 5 Star Services of Macae, Brazil. AETI Brazil provides the following power delivery solutions to the Brazilian oil & gas industry:

  • AC VFDs and SCR systems, generator control switchgear, motor control centers, and power control buildings for offshore drilling platforms, semisubmersibles, drillships and land drilling rigs;        
  • Low voltage and medium voltage power and control solutions for offshore production systems including FPSOs;        
  • Full automation and control solutions;        
  • Electrical construction and rig-up services; and       
  • Electrical services including start-up/commissioning, electrical maintenance, emergency services, equipment retrofit and upgrade services, and spare parts.                             

American Electric Technologies, Inc. (Nasdaq:AETI) a leading global provider of power delivery solutions to the energy industries. AETI offers M&I Electric power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.

AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in three joint ventures, which have facilities located in Xian, China, Singapore and Jakarta, Indonesia and Macae, Brazil. AETI's SEC filings, news and product/service information are available at www.aeti.com .

Forward Looking Statements

This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning our anticipated future revenues, profits, plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 26, 2010. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.

CONTACT:  Media Contacts: 
          Ward Creative Communications for 
          American Electric Technologies, Inc. 
          Molly LeCronier
          713-869-0707
          mlecronier@wardcc.com

          Investor Contacts: 
          American Electric Technologies, Inc. 
          Charles Dauber
          713-644-8182 
          investorrelations@aeti.com

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs