September 10, 2018 - 8:00 AM EDT
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Perma-Pipe International Holdings Announces Major Contract Award in Saudi Arabia


Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced its subsidiary Perma-Pipe Saudi Arabia LLC has been awarded a significant contract in excess of $15 million by Italy’s Saipem S.p.A. for the provision of a thermal insulation system, field joints, and a leak detection system for two 55 kms (110 kms in total), 30 inch diameter, low sulphur fuel oil lines for Kuwait Oil Company’s (KOC) New Refinery Project in Kuwait. The project will utilize Perma-Pipe’s Xtru-Therm insulation system, a spray-applied polyurethane foam jacketed with a high-density polyethylene casing. Perma-Pipe will also be involved with the field joint systems, as well as being responsible for the supply, installation, and commissioning of a leak detection system for the insulated pipelines. The project will begin execution in Perma-Pipe’s facilities in Q4 2018 and will be completed in mid-2019.

Grant Dewbre, Sr. Vice President for Perma-Pipe’s MENA region states, "We are very appreciative that Saipem placed their trust in Perma-Pipe to execute this project. We value our relationships with both Saipem and KOC and look forward to continuing our successful history of service to both companies. We will strive to exceed the expectations of our client and ultimate customer on this project."

President and CEO David Mansfield commented, "Perma-Pipe looks forward to serving Saipem and KOC on this project. We are pleased to see an increase in project opportunities in the Middle East, and excited about the region’s potential and serving our customers moving forward."

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 seven locations in five countries.

Forward-Looking Statements

Statements and other information contained in this announcement 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 project nature of the business, the increasing international nature of the business, 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.

Perma-Pipe International Holdings, Inc.
David Mansfield
President and CEO
Perma-Pipe Investor Relations
[email protected]

Source: Business Wire (September 10, 2018 - 8:00 AM EDT)

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