Aegion Corporation Awarded $6 Million Wastewater Rehabilitation Contract from the City of Newton, Massachusetts

Rhea-AI Summary

Aegion Corporation (NASDAQ: AEGN) announced a $6 million contract award to its subsidiary, Insituform Technologies, for wastewater system rehabilitation in Newton, Massachusetts. The project includes 70,000 linear feet of cured-in-place pipe (CIPP) lining and other trenchless services. Insituform has been contracted for similar work in Newton since 2007, totaling over $12 million since 2017. This project is expected to be completed by June 2021.

Positive

• Awarded a $6 million contract for wastewater rehabilitation.
• Insituform has a strong history with over $12 million in contracts since 2017.

Negative

• Completion of the project is scheduled for June 2021, indicating a long-term commitment.

ST. LOUIS, June 29, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, LLC, has been awarded a contract valued at $6 million from the City of Newton, Massachusetts, for the rehabilitation of its wastewater systems.

Insituform will perform a number of trenchless services on the project, including 70,000 linear feet of 6-inch to 12-inch cured-in-place pipe (CIPP) lining, lateral lining, sectional liners and geopolymer manhole rehabilitation.

Insituform has been installing CIPP lining for Newton since 2007 and has won more than $12 million in contracts since 2017. The project is recently underway and is expected to be fully completed by June 2021.

About Aegion Corporation (NASDAQ:  AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. For nearly 50 years, the Company has played a pioneering role in finding innovative 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.

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.

Information regarding the impact of the Tax Cuts and Jobs Act consists of estimates which are forward looking and subject to change. We anticipate additional guidance, both at the federal and state level, to be forthcoming in 2020. As such, the impacts of the legislation may differ from our current estimates, interpretations and assumptions, possibly materially, and the amount of the impact on the Company may accordingly be adjusted over the course of 2020.

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

FAQ

What contract did Aegion Corporation announce on June 29, 2020?

Aegion announced a $6 million contract for wastewater system rehabilitation in Newton, Massachusetts.

What services will Aegion's subsidiary perform under the new contract?

Insituform will provide trenchless services, including 70,000 linear feet of cured-in-place pipe lining.

How long has Insituform Technologies been working in Newton?

Insituform has been installing CIPP lining in Newton since 2007.

When is the completion date for the current project in Newton?

The project is expected to be fully completed by June 2021.

What is the total value of contracts Insituform has won in Newton since 2017?

Insituform has won over $12 million in contracts since 2017.