Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Pacific Pty. Limited (“Insituform Australia”), has been awarded three separate contracts with a combined value of $8.9 million (USD) from Queensland Urban Utilities.
Queensland Urban Utilities is one of the largest water distributor-retailers in Australia, providing water and sewerage services to more than 1.3 million residents in South East Queensland, including Brisbane. Insituform Australia will install Insituform® CIPP (cured-in-place pipe) product as well as its proprietary iPlus Infusion® and iPlus® Composite lining technologies. It is expected all three projects will be completed by mid-2013. Installations planned in Brisbane’s Central Business District will be completed at night to minimize any potential disruptions to customers.
“We are extremely pleased with our performance and growth in the Brisbane market since our first sewer rehabilitation project for Brisbane Water in February 2010,” said Daniel Gamboa, Vice President of Aegion’s Asia-Pacific Water & Wastewater group. “We are very grateful for the faith and confidence that Queensland Urban Utilities has shown in us. We believe this is another stepping stone towards further success in the South East Queensland market.”
In Sydney, Insituform Australia was not among the lowest bidders for the recent Sydney Water four-year tenders. Gamboa remarked, “It was disappointing to see how far prices dropped during the bidding process. Acquiring these projects at such low bid margins would have put us in a difficult position to realize adequate profits from these projects.”Insituform Australia opened an office in the Brisbane area in September 2012. The operations group in Brisbane expects to utilize three installation crews to complete these projects. In addition, it is anticipated that engineering and office support staff and other project management personnel will join the Insituform Brisbane office to work on this and future projects.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV