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Perma-Pipe International Holdings announces contract award of $14 million in Saudi Arabia
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced a $14 million contract for the King Salman Park Project in Saudi Arabia, expected to be executed in Q4 2022. This project aligns with Saudi Arabia's Vision 2030 and will utilize Perma-Pipe’s pre-insulated pipes and the XTRU-THERM® insulation system. Key executives expressed confidence in the company’s market position and commitment to Saudi Arabia’s infrastructure development.
Positive
Awarded a $14 million contract for the King Salman Park Project.
Project aligns with Saudi Arabia's Vision 2030, indicating potential future growth.
Demonstrates the company's leading market position in Saudi Arabia.
Negative
None.
SPRING, Texas--(BUSINESS WIRE)--
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced its Saudi Arabian subsidiary has recently been awarded a contract for $14.0 million for the King Salman Park Project - Vision 2030. The project is expected to be executed in the fourth quarter of 2022.
The project is part of major infrastructure developments planned in Saudi Arabia’s Vision 2030. The project will utilize Perma-Pipe’s pre-insulated pipes and fittings and the XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene.
Raed Al Saleh, General Manager for Perma-Pipe Saudi Arabia states, “We are pleased to be part of the King Salman Park project, and we are delighted that Al Haif Contracting have placed their trust in Perma-Pipe. It is exciting to be part of this project that will assert Riyadh as one of the most livable cities in the world.”
Saleh Sagr, Senior Vice President for Perma-Pipe’s MENA region commented, “I am glad to announce that this important project has been assigned to Perma-Pipe. The King Salman Park project attests to our leading market position in Saudi Arabia and gives us the opportunity to demonstrate our expertise and our industry-leading products and services to another new, strategically valuable customer.”
David Mansfield, President and CEO commented, "The Saudi Arabian market is becoming increasingly more active and important to us. We are delighted with this award, and the opportunity to participate in Saudi Arabia’s pursuit of its Vision 2030.”
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.
