Aegion Corporation (Nasdaq Global Select Market: AEGN) announced today that its subsidiary, Fyfe Hong Kong Limited, has received a contract valued at $8.5 million (USD) for the rehabilitation of potable water pipelines, ranging from 35-inches to 47-inches in diameter, located in Hong Kong for the Government of Hong Kong Water Supplies Department. This award is in addition to the Fyfe Hong Kong project announced in September 2012 valued at $12.9 million (USD).
Dr. Jinsong Wang, Vice President and General Manager for Fyfe Hong Kong, said, “This award is a further indication of our strength in the potable water pipeline rehabilitation market in Hong Kong. The Tyfo® Fibrwrap® system is an ideal solution for this and other pressure pipeline rehabilitation projects in Hong Kong because of its structural capabilities and non-disruptive installation methods. We expect that the residents and businesses located near our jobsites will experience little to no disruption in their neighborhood during installation.”
Fyfe Hong Kong will install its patented Tyfo ® Fibrwrap ® system, a fiber reinforced polymer material that repairs, strengthens and retrofits pressure pipelines. Fibrwrap ® is a highly engineered approach that utilizes advanced technology for rehabilitating pipelines. Fyfe has been installing its Tyfo ® Fibrwrap ® system in Hong Kong for over seven years and is the leading provider of fiber reinforced polymer systems in Hong Kong.
Mr. Sim Moh Wee, Senior Vice President and General Manager of Fyfe Asia, said, “We are pleased with this latest contract award in Hong Kong. Fyfe has a strong footprint in Hong Kong and we remain focused on identifying additional structural rehabilitation projects in Hong Kong and throughout Asia. The Tyfo ® Fibrwrap ® system has far reaching potential throughout Asia because of its structural capabilities and its adaptability to various projects and markets, including pipelines and commercial structures.”This project is expected to begin in December 2012 with project completion in 2015.