Perma-Pipe International Holdings Announces Further Contract Awards of $15 Million in Egypt and Saudi Arabia

Rhea-AI Summary

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured contracts exceeding $15.5 million for projects in Saudi Arabia and Egypt. These projects, set for execution in Q1 2022, are part of significant infrastructure initiatives at locations such as King Salman Park and Ain Shams University. The company's patented XTRU-THERM® insulation and PermAlert® leak detection systems will be utilized. Executives expressed optimism about these awards and their potential to solidify relationships with clients amidst recovering market conditions.

Positive

• Secured contracts worth over $15.5 million.
• Projects involve major infrastructure developments.
• Utilization of advanced insulation and leak detection systems.

Negative

• None.

SPRING, Texas--(BUSINESS WIRE)-- Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has recently been awarded contracts totaling in excess of $15.5 million in Saudi Arabia and Egypt. Projects will be executed in Perma-Pipe’s facilities during Q1 2022.

The newly awarded projects are part of major infrastructure developments in King Salman Park, Security Forces Medical City – Riyadh, King Abdullah International Gardens, Saudi Arabia, and Ain Shams University in the New Capital City, Egypt. The projects will utilize Perma-Pipe’s XTRU-THERM® insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing, fabrication and coating capabilities. The PermAlert® leak detection system will also be supplied with the insulated pipelines.

Raed Al Saleh, General Manager for Perma-Pipe Saudi Arabia states, “We are delighted with these contract awards at the start of 2022, which is shaping up to be another successful year.”

Adham Sharkawy, General Manager for Perma-Pipe Egypt stated, “This is another significant award from EGEMECH following on from our success with a similar project in Al-Alamin, Egypt in 2021. This product diversification strengthens our position in the market and we thank EGEMECH for continuing to place their trust and confidence in Perma-Pipe.”

Saleh Sagr, Sr., Vice President for Perma-Pipe’s MENA region commented, “We are very appreciative for all these customers that placed their trust in Perma-Pipe to execute these projects. We value our existing relationships as well as our new ones and look forward to providing our services to these customers.”

David Mansfield, President and CEO commented, "We are pleased to have won the confidence of new customers, and to have the opportunity to continue to demonstrate our capabilities to our existing customers. It is also encouraging to see the continuing opportunities in these markets after the disruptions caused by the events of the past two years. This is a good start to the current year and it provides us with a solid foundation to continue our success into 2022.”

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005985/en/

David Mansfield, President and CEO

Perma-Pipe Investor Relations

investor@permapipe.com

847.929.1200

Source: Perma-Pipe International Holdings, Inc.