Benzinga | Feb 24, 2021 09:52AM EST

Perma-Pipe International Holdings Announces Contract Award In Excess Of $5M

Perma-Pipe International Holdings Announces Contract Award in Excess of $5.0 Million

Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) today announced its subsidiary Perma-Pipe Middle East FZC has been awarded a substantial contract by the Italian contractor, Saipem S.p.A. (Saipem), for the provision of double joint welding, coating and thermal insulation for a 36 inch pipeline as part of a major ongoing project in the Middle East.

The project will utilize Perma-Pipe's premier engineered POLY-THERM(r) insulation system, a spray-applied polyisocyanurate (PIR) foam jacketed with a robust glass reinforced plastic (GRP) outer jacket that prevents corrosion under insulation (CUI) and the associated high costs of inspection, repair, replacement and downtime caused by pipe corrosion. The project will begin execution in Perma-Pipe's Fujairah facility in the United Arab Emirates in Q1 2021. The contract value is in excess of $5.0 million.

Saleh Sagr, Vice President for Perma-Pipe's MENA region states, "Perma-Pipe is currently working with Saipem in Kuwait, providing a thermal insulation system, field joints, and a leak detection system for a 30 inch diameter pipeline. This new award demonstrates the trust Saipem places in Perma-Pipe and reinforces our working relationship."

Grant Dewbre, Sr. Vice President for Perma-Pipe's MENA region states, "We believe that our technical ability to deliver a turnkey solution by double jointing, coating and pre-insulating a piping system provided us with the competitive edge for this project. Saipem was seeking a cost-effective, safe and efficient installation method, and our solution was chosen over previously utilized insulation systems."

David Mansfield, President and CEO commented, "We would like to thank Saipem for advocating Perma-Pipe's technical solution and look forward to working closely together on future projects."