Aegion Corporation Awarded Multi-Million Dollar Robotic Coating Project in South America
SAINT LOUIS, MO., April 30, 2019 - Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Aegion Coating Services, has been awarded a contract valued at $7 to $10 million to provide robotic internal field joint coating on over 55 miles of 24- and 28-inch pipelines at a mine located 14,000 feet above sea level in South America. The contract includes an estimated cost for rental equipment and the final project value will depend on the actual duration of the project.
Work on the project is expected to begin in mid-2019 and to be completed by early 2020. It is anticipated that Aegion Coating Services will employ approximately 40 people in South America to complete this project.
Charles R. Gordon, Aegion’s President and Chief Executive Officer, said, “Our Aegion Coating Services team has been partnering with engineering firms and the client for over seven years to provide an effective corrosion protection solution for pipelines installed at this mine. Safety is our highest priority on every project at Aegion, and our team is prepared to navigate the extreme altitude conditions of this project and deliver value through our proven robotic coating technology.”
About Aegion Corporation (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®
More information about Aegion can be found at http://www.aegion.com/.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion 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 Aegion’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 1, 2019, and in subsequently filed documents. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion 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 Aegion from time to time in Aegion’s 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 Aegion in this news release are qualified by these cautionary statements.
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