Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Corrpro Companies International, Inc. (“Corrpro”), has been awarded two contracts with a combined value of $6.6 million (USD) from Qatar Kentz WLL (“Kentz”).
Corrpro will be the exclusive provider of engineering services and cathodic protection systems which are designed to prevent external corrosion to well casings located in the Dukhan Oilfield in Qatar. Kentz is the main engineering, procurement and construction contractor for the Qatar Petroleum project that includes the engineering, procurement, installation and commissioning for wellhead control systems and cathodic protection for approximately 700 onshore wells in the Dukhan Oilfield.
In 2007, Corrpro conducted the initial field investigation and provided conceptual corrosion control solutions to Qatar Petroleum. Greta Senn, President of Corrpro, said, “Corrpro is very familiar with the project requirements and we are pleased to have been selected by Kentz on this high profile project. Corrpro has extensive experience providing corrosion control and cathodic protection systems for oil well casings in the Middle East. Qatar is a target market to grow our cathodic protection business where we have a minimal presence today. The Dukhan field well casing project provides Corrpro the opportunity to build a lasting relationship with Qatar Petroleum.”
The project, which is underway, is scheduled to be completed by November 2016. The majority of the cathodic protection equipment will be supplied from Corrpro’s manufacturing facilities in Saudi Arabia and the United Kingdom. The engineering and field activities will be executed from Corrpro’s project office in Doha, Qatar.About Aegion Corporation Aegion Corporation is a global leader in infrastructure protection and maintenance, providing proprietary technologies and services: (i) to protect against the corrosion of industrial pipelines; (ii) to rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures; and (iii) to utilize integrated professional services in engineering, procurement, construction, maintenance and turnaround services for a broad range of energy related industries. Our business activities include manufacturing, distribution, maintenance, construction, installation, coating and insulation, cathodic protection, research and development and licensing. More information about Aegion can be found on our internet site at www.aegion.com. About Corrpro Companies, Inc. Corrpro Companies is the leading provider of corrosion protection systems and engineering services in North America and also has operations in Europe and the Middle East. As a subsidiary of Aegion Corporation, Corrpro offers corrosion solutions for industrial markets, including pipeline, refinery, above and underground storage tanks, water, wastewater, concrete, infrastructure, offshore, and marine. More information about Corrpro can be found on its website at www.corrpro.com. Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the Securities and Exchange Commission on February 28, 2014, and in the Company’s subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by the Company in this news release are qualified by these cautionary statements.
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