Aegion Corporation (Nasdaq Global Select Market: AEGN) announced the award today of two subcontracts for its Malaysian subsidiary, Insituform Linings Asia Sdn Bhd, with a total value of approximately $9.3 million (USD). These projects originate from the Government of Malaysia under the Department of Sewerage Services, Ministry of Energy, Green Technology & Water for the rehabilitation of pipelines in Kuala Lumpur, the capital city of Malaysia. In 2011, the Government of Malaysia began an Economic Transformation program, which is expected to continue through 2015. The program includes the rehabilitation of pipelines, sewerage management and improvements to transportation systems, oil and gas facilities and river restoration throughout Kuala Lumpur. The Government of Malaysia plans to spend $35 million to $40 million per year for work on dedicated trenchless rehabilitation projects in Kuala Lumpur. These contracts are the first cured-in-place pipe (CIPP) projects to be awarded to Aegion Corporation under this program. J. Joseph Burgess, President and Chief Executive Officer of Aegion Corporation, said, “We commend the Government of Malaysia for its foresight to initiate a five-year infrastructure improvement program. Insituform’s global CIPP experience, including its proprietary CIPP process, will be an asset for successfully completing these projects and we are pleased with the opportunity to compete for additional work under this program.” Work on the projects is expected to begin in July 2012 and take approximately 18 months to complete. The projects involve the rehabilitation of approximately 21 miles of 9-inch to 36-inch diameter pipelines located throughout residential and commercial areas within greater Kuala Lumpur. The Government of Malaysia’s decision in selecting Insituform was based on several factors, including technical capability, experience, reputation and price. Insituform will install its CIPP technology as a specialty subcontractor for two Malaysian based contractors. Insituform entered the Malaysian market in 2010 and is currently in the completion stages of a $2.5 million (USD) project in Labuan, located in eastern Malaysia.
About Aegion CorporationAegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures. More information about Aegion can be found on its internet site at www.aegion.com. About Insituform Technologies, LLC Insituform Technologies, LLC, a subsidiary of Aegion Corporation, is a leader in global pipeline protection. Insituform provides proprietary technologies and services for the rehabilitation of wastewater and water pipelines. More information about Insituform can be found on its internet site at www.insituform.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, 2011, as filed with the Securities and Exchange Commission on February 29, 2012 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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