Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that Corrpro Companies, Inc. (“Corrpro”), a subsidiary of Insituform, has been awarded a four-year contract valued at $20.7 million (USD) from the Kuwait Oil Company (“KOC”). Corrpro expects to begin work on this project in November 2011. Under the new contract, Corrpro will develop and execute a comprehensive corrosion management program from installation of monitoring equipment to data collection and analysis working closely with KOC. Corrpro has been providing KOC with internal corrosion monitoring services since 2005. David Kroon, President of Corrpro, said, “We are excited to continue our relationship with KOC. In addition, this contract award will provide substantial visibility in Kuwait for Corrpro’s internal corrosion monitoring work over the next four years and should lead to future cathodic protection projects and provide opportunities for internal lining work. We believe the Middle East represents a significant opportunity for not only Corrpro, but also for Insituform’s other energy and mining companies.” Research from Business Monitor International indicates Middle East investment in production and infrastructure will grow over the next 10 years as oil production is expected to increase by 5.3 million barrels, or 26.5%, per day and consumption is expected to grow by 43% within the Gulf Cooperation Council countries and Iraq. As recently reported, Insituform has been actively focused on increasing its presence in the Middle East through multiple strategic channels. In addition to this contract award, recent Insituform releases have announced a new office in Oman and a joint venture with Saudi Trading & Research Co. Ltd. (STARC). In July, Insituform announced the acquisitions of CRTS, Inc., a pipeline coating services company that has performed significant work in Saudi Arabia, and Hockway Limited, a cathodic protection company with operations in the United Kingdom and in the Middle East. Corrpro is represented in Kuwait by Ratqa General Trading & Contracting Co. W.L.L.
Insituform Technologies (Nasdaq:INSU) hit a new 52-week low Friday as it is currently trading at $11.49, below its previous 52-week low of $11.61 with 334,164 shares traded as of 10:20 a.m. ET. Average volume has been 479,300 shares over the past 30 days.
Shares of Insituform Technologies (Nasdaq:INSU) were gapping down Thursday morning with an open price 11.2% lower than Wednesday's closing price. The stock closed at $13.22 yesterday and opened today's trading at $11.74.
Insituform Technologies (Nasdaq:INSU) hit a new 52-week low Wednesday as it is currently trading at $12.98, below its previous 52-week low of $13.01 with 342,541 shares traded as of 3:46 p.m. ET. Average volume has been 480,400 shares over the past 30 days.