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HOUSTON, Dec. 05, 2016 -- 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 contract to provide a turnkey power delivery solution for a liquid processing plant and terminal in Trinidad owned by one of the world's largest integrated oil and gas companies.
The contract award was received from one of the largest Engineering, Procurement, and Construction (EPC) firms in the world and represents M&I’s first turnkey solution contract award with this EPC firm.
The project is an upgrade to an onshore terminal in Trinidad that processes oil and gas flowing from offshore fields via a 12” subsea pipeline. M&I Electric’s turnkey power distribution solution includes an M&I Power Distribution Center (PDC) with UL1558 arc-resistant low voltage switchgear, low voltage Motor Control Centers (MCCs), and other ancillary equipment.
“This is a very important order award for the company as it represents our break-in win for this pre-eminent global EPC firm and for this supermajor global integrated oil & gas company,” said Charles Dauber, President and CEO, AETI. "We are pleased that the investments the company had made over the past two years in new products, our plant expansion and sales and marketing are paying off and have resulted in the successful penetration of the industry’s leading energy companies and their EPC firms for their challenging projects.”
M&I expects delivery of this project to occur in the second half of 2017. 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
