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Perma-Pipe International Holdings, Inc. Announces $43 Million Contract Award in the Middle East Region
SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has received a formal letter of award for a
About this update from Perma-pipe International Holdings, Inc.
[{"type":"text","content":" SPRING, Texas--(BUSINESS WIRE)--\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has received a formal letter of award for a development project located in the GCC region. Perma-Pipe will provide thermal insulation, anti-corrosion coatings, and other services from its Abu Dhabi facility. Project commencement is expected to begin in the third quarter of 2025. The value of this project is estimated to exceed $43 million.\n\n\nThis project will utilize Perma-Pipe’s anti-corrosion coatings capabilities, fabrication, and the TRACE-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing.\n\n\nSaleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region, commented, “This award follows the successful execution of numerous development projects in the region. Our differentiated coating solutions have proven to be well-suited for technically challenging projects. We would like to thank our customers for this significant award.”\n\n\nDavid Mansfield, President and CEO, commented, “This award provides evidence that our technologies are well-positioned to meet the complex requirements in virtually all geographies as we continue our focus on highly active oil & gas markets worldwide. This project continues an increase in large-scale project activity we are seeing globally and, when coupled with other recently announced project awards, further strengthens our record backlog position heading into 2025.”\n\n\nPerma-Pipe International Holdings, Inc.\n\n\nPerma-Pipe International Holdings, Inc. (Nasdaq: PPIH, “Perma-Pipe”, or the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at fifteen locations in six countries.\n\n\nForward-Looking Statements\n\n\nCertain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange ...