Aegion Corporation Awarded $6 Million Contract to Rehabilitate Large Diameter Wastewater Pipelines in East Richland County, South Carolina

Rhea-AI Summary

Aegion Corporation (NASDAQ: AEGN) announced its subsidiary, Insituform Technologies, LLC, has secured a $6 million sewer rehabilitation contract in East Richland County, South Carolina. The project involves rehabilitating over 8,900 linear feet of sewer pipelines using advanced cured-in-place (CIPP) technology. Additional project tasks include manhole rehabilitation and erosion control. This contract is notable for its value, marking one of the highest bids for large-diameter pipeline rehabilitation in recent South Carolina history, and is set to commence this summer, completing by late 2020.

Positive

• Awarded a $6 million sewer rehabilitation contract in South Carolina.
• Contract represents one of the highest valued bids for large-diameter pipeline rehabilitation in the region.

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• None.

ST. LOUIS, July 07, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, LLC, has been awarded a mainline sewer rehabilitation contract valued at $6 million in East Richland County, South Carolina.

Insituform will rehabilitate more than 8,900 linear feet of sewer pipelines using 54-inch, cured-in-place (CIPP) pipe. Crews will also perform cleaning and closed-circuit TV (CCTV) activities, manhole rehabilitation, service lateral lining and bypass pumping. Other elements of the project will include several “over-the-hole” CIPP installations, as well as erosion control and restoration of grasses around a private golf course and temporary construction entrances. The value of this large-diameter pipeline rehabilitation project is one of the highest that has bid in South Carolina in recent years.

The project is expected to begin this summer and conclude in late 2020.

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 awarded in July 2020?

The contract is valued at $6 million.

Where is Aegion's new sewer rehabilitation project located?

The project is located in East Richland County, South Carolina.

When is the sewer rehabilitation project expected to start and finish?

The project is expected to begin in summer 2020 and conclude by late 2020.

What technology will Aegion use for the sewer rehabilitation project?

Aegion will use cured-in-place pipe (CIPP) technology for the rehabilitation.

Which subsidiary of Aegion was awarded the contract?

The contract was awarded to Insituform Technologies, LLC.