Aegion Corporation Awarded Four-Year Term Contract Valued at $5.8 Million (USD) for Hunter Water Corporation in New South Wales, Australia
SAINT LOUIS, MO, January 29, 2014 – Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Pacific Pty. Limited (“Insituform Australia”), has been awarded a four-year term contract for Hunter Water Corporation in the lower Hunter Region centered in Newcastle, New South Wales, Australia. The total value of the term contract is $5.8 million (USD) and replaces the prior five-year term contract recently completed by Insituform Australia.
Over the past five years, Insituform Australia crews successfully installed more than 62 miles of Insituform® cured-in-place pipe (CIPP) across the Hunter region. In addition, Insituform Australia crews performed a range of related wastewater pipeline rehabilitation work including descaling of aging cast iron mains, cleaning and inspection of pipelines, rehabilitation of reticulation and trunk mains and lateral junction reinstatement and repairs. Under the terms of this new four-year term contract, Insituform Australia will continue these additional services as well as perform civil works and raising and restoring sewer access chambers. Insituform Australia expects to rehabilitate more than six miles of wastewater pipelines per year using either Insituform® CIPP or iPlus Infusion®, Insituform’s solution engineered for small diameter pipelines.
Daniel Gamboa, General Manager of Insituform Australia, said, “We appreciate the opportunity to continue Insituform Australia’s successful relationship with Hunter Water Corporation. We have the right CIPP solutions and experienced crews to successfully complete the contract over the next four years. The Hunter region is strategically important to us. Insituform Australia’s operations in the Hunter region allow us to efficiently service the north coast of New South Wales and create an important corridor for us between Newcastle and Brisbane."
Installations of Insituform® CIPP will take place throughout Hunter Water’s coverage area, which includes residential, industrial, agriculture, recreation and parkland areas. Insituform Australia’s work on descaling will provide risk-based assessment and restoration of aging cast iron mains under historically significant buildings and other assets and critical infrastructure.
Work on the contract is expected to begin in February 2014.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection and maintenance, providing proprietary technologies and services: (i) to protect against the corrosion of industrial pipelines; (ii) to rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures; and (iii) to utilize integrated professional services in engineering, procurement, construction, maintenance and turnaround services for a broad range of energy related industries. More information about Aegion can be found on our 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 Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission on February 27, 2013, and in the Company’s 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 Company’s 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® and the Aegion® logo are the registered trademarks of Aegion Corporation and its affiliates.
For more information, contact:
David F. Morris
Senior Vice President and Chief Administrative Officer