Insituform Technologies, Inc. Joint Venture Awarded $67.3 Million (USD) Tite Liner® Project in Morocco
24 10월 2011 - 10:15PM
Business Wire
Insituform Technologies, Inc. (Nasdaq Global Select Market:
INSU) announced today that its joint venture, UPS-Aptec Limited,
has been awarded a $67.3 million (USD) project for the installation
of approximately 135 miles of high-density polyethylene (HDPE)
liner in pipelines located in the Khouribga basin in Morocco.
UPS-Aptec Limited is 51% owned by United Pipeline Systems
International, Inc., a subsidiary of Insituform, and 49% owned by
Allied Pipeline Technologies SA, a Chilean company (“APTec”).
UPS-Aptec Limited will install the HDPE liner in new pipelines
for the Office Cherifien des Phosphates (OCP) Slurry Pipeline
project. OCP is the world’s largest exporter of phosphates and
derivatives. UPS-Aptec Limited is a subcontractor to Tekfen
Construction and Installation Co. Inc., a Turkish company, the
general contractor for the project. The OCP slurry pipeline will be
lined with HDPE pipe to provide corrosion protection and abrasion
resistance to the newly installed pipelines, which will carry
several grades of phosphates to Jorf Lasfar Terminal located
between Khouribga and Jorf Lasfar.
J. Joseph Burgess, President and Chief Executive Officer of
Insituform, said, “We are proud to have secured this project, which
is the largest single project in United Pipeline Systems’ history.
Securing this project required the coordinated efforts of United
Pipeline Systems, Insituform and APTec. The partnership brings
together United Pipeline Systems’ long history and vast experience
working on large Tite Liner® projects in new countries while APTec
brings the experience of Tehmco SA, a Chilean company and affiliate
of APTec (“Tehmco”), in producing HDPE pipe. Tehmco has teamed up
with a local HDPE producer and will be adding a new extrusion line
to produce the HDPE pipe for the project. This project together
with Insituform’s Energy and Mining group’s overall efforts in the
Middle East and North Africa are expected to generate over $120
million in revenues in 2012.”
Dorwin Hawn, Senior Vice President, Energy and Mining, of
Insituform, said, “This historic contract award recognizes United
Pipeline Systems’ ability to manage and execute complex and
challenging projects in difficult work environments. This project
award also highlights the growing acceptance and endorsement of
Insituform’s Energy and Mining group’s product and service offering
throughout the Middle East and North Africa, further validating the
decision to focus our business development efforts in these
important geographic regions.”
This project is expected to begin in the fourth quarter of 2011
and be completed by the end of 2012.
About Insituform Technologies, Inc.
Insituform Technologies, Inc. is a global leader in
infrastructure protection. Insituform provides proprietary
technologies and services for the corrosion protection of
industrial pipelines and the rehabilitation and strengthening of
sewer, water, energy and mining piping systems, buildings, bridges
and tunnels and waterfront structures. More information about the
Company can be found on its internet site at
www.insituform.com.
About United Pipeline Systems
United Pipeline Systems, a subsidiary of Insituform
Technologies, Inc., is a global leader in providing HDPE lining
systems for internal pipeline protection including United’s
proprietary Tite Liner® and Safetyliner™ product and service
offerings. Since 1984, United has installed its Tite Liner® system
in over 9,000 miles of pipelines around the world. More information
about United Pipeline Systems can be found on its internet site at
www.unitedpipeline.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, 2010, as filed
with the Securities and Exchange Commission on February 28, 2011
and in our subsequent quarterly reports on Form 10-Q. In light of
these risks, uncertainties and assumptions, the forward-looking
events may not occur. In addition, our actual results may vary
materially from those anticipated, estimated, suggested or
projected. Except as required by law, we do not assume any duty to
update forward-looking statement, 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.
Insituform®, United®, Tite Liner®, Safetyliner™, Global Pipeline
Protection™, the Insituform® logo and the United® logo are the
registered and unregistered trademarks of Insituform Technologies,
Inc. and its affiliates.
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