ST. LOUIS, June 24, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ: AEGN) today announced that a subsidiary of the Energy Services segment, Schultz Industrial Services (“Schultz”), has been awarded the mechanical construction services contract for a groundbreaking renewable diesel project at a California refinery.
Schultz will provide overall project management and installation of piping and associated equipment throughout the refinery in order to convert an existing processing unit to produce renewable diesel fuel. The time and materials-based contract is valued at approximately $8 million and is scheduled to begin late this month with expected completion in the first quarter of 2021. Schultz has been the lead outsourced maintenance provider at the site since 2013.
Charles R. Gordon, Aegion’s President and CEO, said, “Schultz continues to successfully expand its construction and turnaround capabilities in California. We are honored to play a leading role in the first commercial-scale renewable diesel manufacturing facility in California, which will provide consumers with renewable fuels that comply with low-carbon fuel standards. With significant compliance and investment projects planned for California refiners over the coming years, Schultz is well positioned to serve this growing market.”
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 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, 2019, filed with the Securities and Exchange Commission on March 2, 2020, and in subsequently filed documents, and, in particular, the impact of the current COVID-19 virus outbreak and the evolving response thereto. 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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