Aegion Corporation Awarded Three Cured-in-Place Pipe Contracts with Combined Value of $8.9 Million (USD) from Queensland Urban Utilities
ST. LOUIS--(BUSINESS WIRE)-- Aegion Corporation (AEGN) (Aegion or the Company) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Pacific Pty. Limited (Insituform Australia), has been awarded three separate contracts with a combined value of $8.9 million (USD) from Queensland Urban Utilities.
Queensland Urban Utilities is one of the largest water distributor-retailers in Australia, providing water and sewerage services to more than 1.3 million residents in South East Queensland, including Brisbane. Insituform Australia will install Insituform® CIPP (cured-in-place pipe) product as well as its proprietary iPlus Infusion® and iPlus® Composite lining technologies. It is expected all three projects will be completed by mid-2013. Installations planned in Brisbanes Central Business District will be completed at night to minimize any potential disruptions to customers.
We are extremely pleased with our performance and growth in the Brisbane market since our first sewer rehabilitation project for Brisbane Water in February 2010, said Daniel Gamboa, Vice President of Aegions Asia-Pacific Water & Wastewater group. We are very grateful for the faith and confidence that Queensland Urban Utilities has shown in us. We believe this is another stepping stone towards further success in the South East Queensland market.
In Sydney, Insituform Australia was not among the lowest bidders for the recent Sydney Water four-year tenders. Gamboa remarked, It was disappointing to see how far prices dropped during the bidding process. Acquiring these projects at such low bid margins would have put us in a difficult position to realize adequate profits from these projects.
Insituform Australia opened an office in the Brisbane area in September 2012. The operations group in Brisbane expects to utilize three installation crews to complete these projects. In addition, it is anticipated that engineering and office support staff and other project management personnel will join the Insituform Brisbane office to work on this and future projects.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures. More information about Aegion can be found on its internet site at www.aegion.com.
About Insituform Pacific Pty. Limited
Insituform Pacific Pty. Limited, a subsidiary of Aegion Corporation, is part of the world leading Insituform group of trenchless rehabilitation companies. For over forty years, Insituform has been a global leader in the development and installation of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. More information about Insituform Pacific Pty. Limited can be found at www.insituform.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Companys beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on managements beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words anticipate, estimate, believe, plan, intend, may, will and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the Risk Factors section of the Companys Annual Report on Form 10-K for the year ended December 31, 2011, as filed with the Securities and Exchange Commission on February 29, 2012, and in the Companys subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Companys actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward looking-statements made by the Company in this news release are qualified by these cautionary statements.
Aegion", Insituform®, iPlus Infusion®, iPlus® Composite and the Aegion® logo are the registered and unregistered trademarks of Aegion Corporation and its affiliates.
David F. Morris, 636-530-8000
Senior Vice President and Chief Administrative Officer
Source: Aegion CorporationCopyright Business Wire 2013