ST. LOUIS, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Corrpro Companies, Inc., has been awarded a contract valued at more than $6 million to deliver a comprehensive package of cathodic protection services to prevent corrosion on new midstream pipeline construction in West Texas.
Corrpro leveraged its industry-leading engineering capabilities to design the full cathodic protection system, including AC mitigation, on more than 600 miles of pipeline. Corrpro will also install and commission the system and provide ongoing corrosion monitoring through close interval surveys to ensure the continued effectiveness of cathodic protection in place.
Corrpro has developed a new suite of asset integrity technology offerings in recent years to significantly improve the speed, accuracy and analytics associated with cathodic protection system performance. These tools include a digital database and robust analytics capabilities that provide critical, interactive, on-demand geospatial data and assessments of external corrosion threats to help guide faster and more targeted decision making for pipeline operators as part of their asset integrity management programs. Corrpro will utilize its proprietary asset integrity management hardware and software in several line locations for the project, as well as traditional monitoring methods, to identify and address challenges while improving safety for personnel and strengthening pipeline integrity.
Charles R. Gordon, Aegion’s President and CEO, said, “This is one of the larger project wins for Corrpro in recent years and is a perfect opportunity for the business to deliver a comprehensive offering of design, engineering, installation, material sales and ongoing pipeline integrity monitoring and remediation. Additionally, teams are able to leverage our recent technology investments through our asset integrity management portal to deliver more value and dynamic monitoring capabilities for our client.”
As an industry leader, Corrpro has provided full service cathodic protection solutions for more than 35 years and has been performing AC mitigation services for 20 years.
The project began this summer and is expected to conclude in spring 2021.
About Aegion Corporation (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure®.
More information about Aegion can be found at www.aegion.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion 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 Aegion’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 2, 2020, and in subsequently filed documents, and, in particular, the impact of the current COVID-19 virus outbreak and the evolving response thereto. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion 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 Aegion from time to time in Aegion’s 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 Aegion in this news release are qualified by these cautionary statements.
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