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Perma-Pipe International Holdings Announces Contract Awards of $5.0 Million in Egypt
Rhea-AI Impact
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Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced the award of approximately $5.0 million in contracts to its subsidiary, Perma-Pipe Egypt. The contracts involve supplying thermally insulated pipes and leak detection systems for district cooling networks by Consolidated Contractors Company and Gascool Company in Egypt. The project will utilize Perma-Pipe’s XTRU-THERM® insulation system and begin in Q3 2021. Executives expressed commitment to developing Egypt's infrastructure and noted the return of market confidence following the COVID-19 pandemic.
Positive
Awarded contracts worth approximately $5.0 million for thermally insulated pipes and leak detection systems.
Utilizing advanced XTRU-THERM® insulation technology in the project.
Strong partnership with Consolidated Contractors Company and Gascool Company.
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None.
SPRING, Texas--(BUSINESS WIRE)--
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is pleased to announce today that its subsidiary Perma-Pipe Egypt has recently been awarded approximately $5.0 million in contracts for the provision of thermally insulated pipes, field joints, and leak detection systems for district cooling networks by Consolidated Contractors Company (CCC) Group S.A.L. and Gascool Company in Old City Al Alamein and the Embassies District of the New Administrative Capital of Egypt.
The project will utilize Perma-Pipe’s XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing. Perma-Pipe will also be responsible for the supply, installation, and commissioning of Perma-Pipe’s own “PermAlert®” leak detection system for the insulated pipelines. The projects will begin execution in Perma-Pipe’s facilities in Beni Suef, Egypt in Q3 2021.
Adham Sharkawy, General Manager for Perma-Pipe Egypt states, “Perma-Pipe Egypt looks forward to continuing our strong partnership with both CCC and Gascool. We are very proud to be a part of such strategic and significant projects during this exciting period of development and growth for Egypt.”
Saleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region states, “We are extremely proud to be playing our part to develop Egypt’s infrastructure which continues to attract more investment. We are also very pleased that our local presence enables us to deliver projects with greater efficiency to meet the needs of our Egyptian customers.”
David Mansfield, President and CEO commented, "We thank our customers for these awards and for continuing to place their trust in Perma-Pipe. When customers repeat business it reaffirms that Perma-Pipe is meeting their expectations and providing quality products. We are pleased to see confidence in the markets returning and an increase in project opportunities following the challenging period presented by the COVID-19 pandemic.”
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.
