July 17, 2017 - 8:00 AM EDT
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M&I Electric announces $4M project with leading midstream oil & gas company for new pipeline project

HOUSTON, July 17, 2017 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (NASDAQ:AETI), a leading provider of power delivery solutions for the global energy industry, announced today that its M&I Electric business has been awarded a $4M contract  to provide a turnkey power delivery solution for a new pipeline under construction in Texas.

The company received the award from one of the largest midstream oil & gas companies in the United States for a new pipeline being constructed to deliver crude oil from the Permian Basin in West Texas across the state to Nederland, Texas. The new pipeline will provide transportation of up to 100,000 barrels of oil per day, with an estimated total capacity of up to 300,000 barrels per day.

The M&I turnkey power delivery system will supply safe, reliable power distribution for three compressor stations and includes M&I’s turnkey power delivery solutions and medium and low voltage conventional switchgear, low voltage and medium voltage motor control centers, and installation and integration of 3rd party 7000HP variable frequency drives, all integrated into M&I Power Distribution Centers (PDCs).

“M&I Electric continues to make progress with leading oil & gas companies with our turnkey power delivery solutions,” said Troy Coker, Vice President, Sales at M&I.  “Large midstream and companies like this understand the benefits of having a fully tested and integrated solution incorporating both switchgear and Power Distribution Centers (PDCs) built at the same location to reduce costs, meet project schedules and reduce project risk.”

M&I expects delivery of this project to occur in early 2018. Additional details were not disclosed.

About AETI:

American Electric Technologies, Inc. (NASDAQ:AETI) is a leading supplier of power delivery solutions for the global energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and E&I construction services. AETI is headquartered in Houston and has global operations in Beaumont, Texas; and Rio de Janeiro, Macae and Belo Horizonte Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI’s SEC filings, news and product/service information are available at www.aeti.com

 

Contact: 
Bill Brod
Chief Financial Officer
713-644-8182 

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Source: GlobeNewswire (July 17, 2017 - 8:00 AM EDT)

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