ST. LOUIS--(BUSINESS WIRE)--Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) announced today the creation of a joint venture between United Pipeline Systems, Inc., an Aegion subsidiary, and Special Technical Services LLC (“STS”) based in Oman. United Pipeline System, Inc. is a 51 percent owner in the joint venture, with STS holding the remaining interest.
The new joint venture, United Special Technical Services, LLC (“USTS”), is established in Oman and will provide pipeline, piping and flow line high-density polyethylene lining services throughout a territory that includes Algeria, Bahrain, Egypt, Saudi Arabia, Kuwait, Oman, Qatar, Tunisia and the United Arab Emirates.
Dorwin Hawn, Senior Vice President of Aegion’s Energy & Mining group, said, “This joint venture is an exciting opportunity for United Pipeline Systems to accelerate its expansion into key markets within the Middle East. STS has strong relationships and projects within these regions that fit well with our existing customers and backlog of projects. We believe this partnership gives us the best opportunity to accelerate the introduction of our Tite Liner® technology throughout this important region.”
Basil Macki, Managing Director of STS, said, “It is STS’s objective to keep pace with the latest developments in technology and delivery processes within the oil and gas industry. Our venture with United Pipeline Systems is aimed at combining our two companies’ best practices to better serve clients with leading technologies for corrosion and abrasion protection in pipes at competitive rates.”
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures.
More information about Aegion can be found on its internet site at www.aegion.com.
About United Pipeline Systems, Inc.
United Pipeline Systems, Inc., a subsidiary of Aegion Corporation, is a global leader in providing HDPE lining systems for internal pipeline protection including United’s proprietary Tite Liner® and Safetyliner™ product and service offerings. Since 1984, United has installed its Tite Liner® system in over 9,000 miles of pipelines around the world.
More information about United Pipeline Systems, Inc. can be found on its internet site at www.unitedpipeline.com.
About Special Technical Services LLC
Special Technical Services LLC is a premier oil and gas services company established in Oman in 1980, specializing in fabrication, construction and maintenance. STS offers solutions encompassing the entire range of services for the oil and gas and the power and petrochemical sectors. STS’s unflinching commitment to quality and safety, strong culture of customer care and highest standards of ethical behaviour are demonstrated by its staff of over 6,000 personnel based in Oman, Bahrain & Abu Dhabi.
More information about Special Technical Services LLC can be found on its internet site at www.stsoman.com.
Forward-Looking Statements
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, 2011, as filed with the Securities and Exchange Commission on February 28, 2012 and in our subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, our actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, we do not assume a duty to update forward-looking statement, 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™, United Pipeline Systems, the Aegion™ logo, Tite Liner® and Safetyliner™ are the registered and unregistered trademarks of Aegion Corporation or its affiliates.