An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Perma-Pipe International Holdings Announces US Gulf of Mexico Project Award
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
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.
Positive
Secured a contract worth over $9 million for the Winterfell Project.
Implementation of FLOW-THERM® insulation, which has a proven track record in deep-water applications.
Potential for future business with Beacon Offshore Energy LLC, indicating growth opportunities.
Negative
None.
SPRING, Texas--(BUSINESS WIRE)--
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has been awarded a contract in excess of $9 million. The contract is for the Winterfell Project in the US Gulf of Mexico for Beacon Offshore Energy LLC (Beacon). The project will be executed at Perma-Pipe’s facility in the Port of Iberia, Louisiana in the latter part of 2023 and will be completed before the end of the year.
The newly awarded project involves the application of Perma-Pipe’s FLOW-THERM® subsea wet insulation to the flowline that forms a part of Beacon’s Winterfell Project, located in the US Gulf of Mexico at a water depth of approximately 5,800 feet (1,600 meters). FLOW-THERM® has an extensive track record and has been used on projects having a water depth up to 10,000 feet (3,000 meters). FLOW-THERM® is a recognized and trusted insulation solution in the oil & gas industry which has been in use for almost 20 years.
Alan Morrison, General Manager for Perma-Pipe’s offshore business unit commented, “We would like to thank Beacon for the trust they have placed in us and will exceed Beacon’s expectations during the execution of the project.”
Grant Dewbre, COO and Senior Vice President for Perma-Pipe’s Americas region stated, “We are excited to be working for Beacon, a new customer for us, who we very much hope will be a repeat customer in the near future. We will ensure that Beacon’s schedule is met while delivering our products with the highest standards of quality and safety being adhered to at all times.”
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, 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.
