Aegion Corporation Awarded $11.9 Million Wastewater Rehabilitation Contract from the City of Springfield, Missouri

Rhea-AI Summary

Aegion Corporation (NASDAQ: AEGN) announced a new wastewater rehabilitation contract valued at $11.9 million from the City of Springfield, Missouri. Insituform Technologies USA, a subsidiary of Aegion, will rehabilitate approximately 550,000 linear feet of sanitary sewer main using trenchless technology. This project aims to minimize costs and community disruptions. Since 2011, Insituform has secured over $30 million in contracts from Springfield. The project is expected to commence in early fall 2020 and conclude by late 2022.

Positive

• Awarded a significant contract valued at $11.9 million, enhancing revenue potential.
• Demonstrates Aegion's strong relationship with the City of Springfield, securing over $30 million in contracts since 2011.
• Utilization of trenchless technology minimizes community disruption and operational costs.

Negative

• None.

ST. LOUIS, July 14, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies USA, LLC, has been awarded a wastewater rehabilitation contract valued at $11.9 million from the City of Springfield, Missouri.

Insituform will rehabilitate approximately 550,000 linear feet—the equivalent of more than 104 miles—of sanitary sewer main utilizing trenchless technology, including 8-inch to 36-inch cured-in-place (CIPP) pipe, designed to minimize costs and potential disruptions to the community. Crews will also perform closed-circuit TV (CCTV) inspections and cleaning.

Insituform has been awarded more than $30 million in contracts from the City of Springfield since 2011. Work on the latest project is expected to begin by early fall 2020 and conclude by the end of 2022.

Charles R. Gordon, Aegion’s President and CEO, said, “This large-scale project is a testament to the City of Springfield’s commitment to its residents, especially in the current environment. We look forward to once again helping the City rehabilitate and restore the integrity of vital infrastructure systems with our best-in-class trenchless solutions.”

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 https://www.aegion.com/.

Forward-Looking Statements
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.

Aegion® and the Aegion® logo are the registered trademarks of Aegion Corporation and its affiliates.

For more information, contact:
Katie Cason
Senior Vice President, Strategy and Communications
636-530-8000 | kcason@aegion.com

FAQ

What is the value of Aegion's new contract in Springfield?

The new contract from the City of Springfield is valued at $11.9 million.

How many linear feet of sewer will Insituform rehabilitate?

Insituform will rehabilitate approximately 550,000 linear feet of sanitary sewer main.

When is the project expected to start and finish?

The project is expected to begin in early fall 2020 and conclude by the end of 2022.

How much has Insituform received in contracts from Springfield since 2011?

Insituform has been awarded over $30 million in contracts from the City of Springfield since 2011.