Perma Pipe - PPIH STOCK NEWS

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured two significant contracts totaling over US$8 million. The first contract involves providing insulated piping for a thermal distribution system at Fanshawe College in London, Ontario, Canada. This piping will utilize the XTRU-THERM® system. The second contract, awarded to Perma-Pipe Middle East LLC, comes from China Petroleum & Chemical Corporation (Sinopec) for a project in Uganda, part of the East African Crude Oil Pipeline (EACOP), expected to begin in Q3 2023 at their new facility in Abu Dhabi, UAE. These contracts highlight Perma-Pipe's continued expansion in key markets, showcasing their innovative insulation solutions.

Perma-Pipe International Holdings announced that its subsidiary, Perma-Pipe India, secured contracts worth approximately $6.5 million in Q1 2023. The projects include thermally insulated pipe provision for Reliance New Solar Energy's chilled water network for a solar factory in Jamnagar, Gujarat, utilizing the XTRU-THERM® insulation system. Additionally, Megha Engineering awarded Perma-Pipe India for heat-traced applications in Rajasthan using the TRACE-THERM™ insulation system. Sr. VP Saleh Sagr expressed optimism about repeat business and opportunities in India. CEO David Mansfield highlighted the success of the custom coating plant in India and reiterated customer trust in Perma-Pipe's delivery capabilities. The company operates in 14 locations across six countries, focusing on efficient transportation solutions for various liquids.

Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) is expanding operations to Qatar with mobilization expected to begin this year. This move is part of a strategic plan to tap into local district heating, cooling markets, and significant developments in the oil and gas sector. CEO David Mansfield highlighted this as part of broader initiatives, including expansions into Egypt, relocation of its U.A.E. plant to Abu Dhabi, and a joint venture in Saudi Arabia. Perma-Pipe is a leader in pre-insulated piping and leak detection systems, operating in 14 locations across six countries.

Perma-Pipe International Holdings, Inc. (PPIH) has inaugurated its largest production facility outside North America in Abu Dhabi, U.A.E., on March 16, 2023. This 6-hectare factory aims to meet the increasing demand in the district cooling and oil and gas sectors in the Middle East. The facility boasts advanced technologies for environmentally-friendly products, including the XTRU-THERM® insulation system and PolyTherm® insulation system. CEO David Mansfield highlighted its role as a global export hub, anticipating continued growth in clean energy demand.

Perma-Pipe operates in 14 locations across six countries, specializing in pre-insulated piping and leak detection systems.

Perma-Pipe International Holdings (Nasdaq: PPIH) has secured approval from the Saudi Arabia General Authority for Competition for a joint venture with Gulf Insulation Group. This venture will focus on providing pre-insulated piping systems, coatings, and leak detection services across Saudi Arabia, Kuwait, and Bahrain. Perma-Pipe will hold a 60% stake, with the Gulf Insulation Group owning the remaining 40%. The establishment of this joint venture is expected to occur within the next few weeks, expanding Perma-Pipe's operational footprint in the Middle East.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured a contract exceeding $9 million for the Winterfell Project in the Gulf of Mexico, awarded by Beacon Offshore Energy LLC. This project will utilize Perma-Pipe's FLOW-THERM® subsea wet insulation at a water depth of approximately 5,800 feet, with execution scheduled at their Iberia, Louisiana facility in late 2023 and completion by year-end. The company aims to meet Beacon's expectations, hoping for future collaboration. Perma-Pipe operates in 13 locations across six countries, providing innovative piping solutions for various industries.