Perma-Pipe International Holdings Inc. Announces $6.5 Million in Project Awards in India
06 Abril 2023 - 4:00PM
Business Wire
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today
announced its subsidiary Perma-Pipe India Pvt. Ltd. (Perma-Pipe
India) has been awarded approximately $6.5 million in contracts
during the first quarter of 2023. Two major projects will begin
execution in Perma-Pipe’s Gandhidham, Gujarat, India facility in
the first and second quarter of 2023.
Reliance New Solar Energy Limited awarded Perma-Pipe India for
the provision of thermally insulated pipe and field joints for a
chilled water network on the 10 GW solar cell and module factory in
Jamnagar, Gujarat. The project will utilize Perma-Pipe’s
XTRU-THERM® insulation system, a spray-applied polyurethane foam
jacketed with a high-density polyethylene casing. Prior to
application of the insulation system, an anti-corrosion liquid
epoxy coating system will be applied to the pipes as well as
installing Perma-Pipe’s own PermAlert® leak detection system.
In addition, Megha Engineering & Infrastructures Ltd.
awarded Perma-Pipe India for the provision of thermally insulated
pipe and field joints for a heat-traced application on the ABNP -
Cairn Project, Rajasthan. The project will utilize Perma-Pipe’s
TRACE-THERM™ insulation system which is designed to ensure optimum
heat management during the life of the pipeline. The system will
have welded tracer tubes for heat tracing and spray-applied
polyurethane foam jacketed with a high-density polyethylene casing.
Prior to application of the insulation system, an anti-corrosion
fusion bonded epoxy coating will be applied internally and
externally using Perma-Pipe’s custom coating facility.
Saleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region
states, “We are pleased to see customers repeating business with us
and look forward to serving Reliance New Solar Energy and Megha
Engineering on these projects. It is encouraging to see continued
opportunities in the Indian market.”
David Mansfield, President and CEO commented, “We are delighted
with both of these awards, and that customers return to place their
trust in Perma-Pipe to deliver their projects. It is also
satisfying to see that the strategic decision to install a custom
coating plant in India was the right one.”
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 fourteen locations
in six countries.
Forward-Looking Statements
Certain statements and other information contained in this press
release that can be identified by the use of forward-looking
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, including,
without limitation, statements regarding the expected future
performance and operations of the Company. 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, the
following: (i) the impact of the coronavirus ("COVID-19") on the
Company's results of operations, financial condition and cash
flows; (ii) fluctuations in the price of oil and natural gas and
its impact on the customer order volume for the Company's products;
(iii) the Company's ability to comply with all covenants in its
credit facilities; (iv) the Company’s ability to repay its debt and
renew expiring international credit facilities; (v) the Company’s
ability to effectively execute its strategic plan and achieve
profitability and positive cash flows; (vi) the impact of global
economic weakness and volatility; (vii) fluctuations in steel
prices and the Company’s ability to offset increases in steel
prices through price increases in its products; (viii) the timing
of order receipt, execution, delivery and acceptance for the
Company’s products; (ix) decreases in government spending on
projects using the Company’s products, and challenges to the
Company’s non-government customers’ liquidity and access to capital
funds; (x) the Company’s ability to successfully negotiate
progress-billing arrangements for its large contracts; (xi)
aggressive pricing by existing competitors and the entrance of new
competitors in the markets in which the Company operates; (xii) the
Company’s ability to purchase raw materials at favorable prices and
to maintain beneficial relationships with its suppliers; (xiii) the
Company’s ability to manufacture products free of latent defects
and to recover from suppliers who may provide defective materials
to the Company; (xiv) reductions or cancellations of orders
included in the Company’s backlog; (xv) the Company's ability to
collect an account receivable related to a project in the Middle
East; (xvi) risks and uncertainties related to the Company's
international business operations; (xvii) the Company’s ability to
attract and retain senior management and key personnel; (xviii) the
Company’s ability to achieve the expected benefits of its growth
initiatives; (xix) the Company’s ability to interpret changes in
tax regulations and legislation; (xx) the Company's ability to use
its net operating loss carryforwards; (xxi) reversals of previously
recorded revenue and profits resulting from inaccurate estimates
made in connection with the Company’s percentage-of-completion
revenue recognition; (xxii) the Company’s failure to establish and
maintain effective internal control over financial reporting; and
(xxiii) the impact of cybersecurity threats on the Company’s
information technology systems. Shareholders, potential investors
and other readers are urged to consider these factors carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements. The
forward-looking statements made herein are made only as of the date
of this press release and we undertake no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise. More detailed information
about factors that may affect our performance may be found in our
filings with the Securities and Exchange Commission, which are
available at https://www.sec.gov and under the Investor Center
section of our website (http://investors.permapipe.com).
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005737/en/
David Mansfield, President and CEO Perma-Pipe
Investor Relations 847.929.1200
investor@permapipe.com
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