MFRI Announces Over $30 Million in New Major Orders in the Second Quarter by
Its Piping Systems Segment
NILES, IL -- (Marketwired) -- 06/19/13 -- (NASDAQ: MFRI) In press
releases dated November 26, 2012 and February 5, 2013, the Company
described major orders received by Perma Pipe Saudi Arabia in support
of large-scale construction projects expanding the Haram Grand Mosque
in Mecca and the King Abdul-Aziz International Airport in Jeddah.
Those orders totaled nearly $50 million. Since then, the Company has
received $55 million in new global orders, of which $25 million was
reported in the first quarter backlog. The new global orders include:
-- several contracts exceeding $19 million for offshore pre-insulated
piping and sub-sea equipment to support the construction of flow lines
in the Gulf of Mexico,
-- additions to the two landmark Saudi projects, and
-- projects in Qatar, Abu Dhabi and other Gulf Cooperation Council
("GCC") markets awarded to our middle eastern subsidiaries.
Delivery of the new GCC orders has begun and we expect to commence
production of the $19 million offshore orders in the fourth quarter
of this year and complete all deliveries by mid-2014.
Fati Elgendy, President of Perma-Pipe, Inc., said, "We are honored to
participate in the efforts to enhance the Kingdom of Saudi Arabia's
capacity to accommodate religious tourism. These orders expand the
chilled water infrastructure at the Holy Haram and provide insulated
piping for district cooling plants as well as other utility
infrastructure at the Jeddah airport. Additionally, Perma Pipe's
subsidiary in the United Arab Emirates received several orders to
provide piping for the district cooling utility infrastructure for
Abu Dhabi Airport and at Qatar's flagship planned community named
Lusail City. We believe these orders establish our subsidiaries in
the GCC as the undisputed market leader and are another strong
endorsement of our resolve to serve the high growth markets of the
Bradley Mautner, President and CEO, added, "The success of Perma-Pipe
in continuing to secure these significant orders demonstrates our
strong technical and commercial capabilities required for
sophisticated insulated piping systems. Our ability to meet
ever-changing customer requirements and willingness to go where
needed differentiate us from others who serve these markets. I am
particularly proud of Perma Pipe's proactive attitude as they address
customer needs wherever they may arise around the globe."
MFRI, Inc. is a multi-line company engaged in the following
businesses: pre-insulated specialty piping systems for oil and gas
gathering, district heating and cooling and other applications;
custom-designed industrial filtration products to remove particulates
from dry gas streams; and installation of heating, ventilation and
air conditioning for large buildings. For more information visit the
Company's website www.mfri.com or contact the Company directly.
Statements and other information contained in this announcement which
can be identified by the use of forward-looking terminology such as
"anticipate," "may," "will," "expect," "continue," "remain,"
"intend," "aim," "should," "prospects," "could," "position,"
"future," "potential," "believes," "plans," "likely," " seems," and
"probable," or the negative thereof or other variations thereon or
comparable terminology, constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934 as
amended and are subject to the safe harbors created thereby. These
statements should be considered as subject to the many risks and
uncertainties that exist in the Company's operations and business
environment. Such risks and uncertainties include, but are not
limited to, economic conditions, market demand and pricing,
competitive and cost factors, raw material availability and prices,
global interest rates, currency exchange rates, labor relations and
other risk factors.
Press spacebar to pause and continue. Press esc to stop.