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Pemex Awards United Pipeline de Mexico $12.4 Million Project
SAINT LOUIS, MO, September 24, 2009 – Insituform
Technologies, Inc. (NASDAQ Global Select Market: INSU) announced today
that Insituform’s Mexican joint venture, United Pipeline de Mexico de
C.V. (“UPM”), has been awarded a $12.4 million contract by the Mexican
national oil and gas company Petróleos Mexicanos (“Pemex”). The
contract includes the construction, replacement and rehabilitation of
approximately 40 kilometers of pipelines in Mexico’s Chicontepec oil
region. Insituform’s subsidiaries, Corrpro Companies, Inc. and The
Bayou Company, Inc., will provide cathodic protection and field joint
coating services for the project.
“This contract validates our decision to expand Insituform’s oil
and gas platform with our 2009 acquisitions of The Bayou Companies and
Corrpro Companies. The joint marketing and cross-selling of our
expanded product and service offerings provide additional value to our
clients and positions the Company for new project opportunities,” said
J. Joseph Burgess, Insituform’s President and Chief Executive Officer.
Burgess further added, “this contract also recognizes the benefit of
our Company’s comprehensive logistics and project management
capabilities. We are positioned to address a customer’s various
pipeline installation, protection and rehabilitation needs with the
various products and services offered from the family of Insituform
companies.”
Work on this project is expected to begin in November and to take
approximately 16 months to complete. UPM will oversee new construction,
including corrosion protection services, and the rehabilitation of over
24 kilometers of pipeline using Insituform’s Tite Liner® polyethylene
lining system. The new and rehabilitated pipelines will be used to
transfer oil from well-heads to production facilities in the
Chicontepec Basin.
“UPM has been working with Pemex for over 14 years. We are excited
about this new project opportunity and also pleased to be able to
engage the additional services of Corrpro Companies and Bayou Companies
on this project,“ said Dorwin Hawn, Vice President – United Pipeline
Systems for Insituform.
About United Pipeline de Mexico
UPM is a joint venture between United Pipeline Systems, a division of
Insituform, and Miller Pipeline de Mexico, a pipeline and
infrastructure construction company serving the natural gas, oil, water
and telecommunication markets of Mexico. UPM offers pipeline
construction, protection and rehabilitation services throughout Mexico.
About Bayou Companies
Bayou was acquired by Insituform Technologies, Inc. in
February 2009. Bayou is a leading provider of cost-effective solutions
to onshore and offshore energy and infrastructure companies primarily
in North America and the Gulf of Mexico. Bayou’s products and services
include internal and external pipeline coating, lining, weighting and
insulation. Bayou also provides specialty fabrication and services for
offshore deepwater installations, including project management and
logistics. More information about Bayou can be found on its internet
site at www.bayoucompanies.com.
About Corrpro Companies
Corrpro was acquired by Insituform Technologies, Inc. in
March 2009. For over 25 years, Corrpro has been a leading provider of
cathodic protection systems and engineering services. As a subsidiary
of Insituform Technologies, Inc., Corrpro offers corrosion solutions
for every industrial market including pipeline, refinery, above and
underground storage tanks, water, wastewater, concrete, infrastructure,
offshore, and marine. More information about Corrpro can be found on
its internet site at www.corrpro.com.
About Insituform Technologies
Insituform Technologies, Inc. is a leading worldwide
provider of proprietary technologies and services for rehabilitating
sewer, water, energy and mining piping systems and the corrosion
protection of industrial pipelines. More information about Insituform
can be found on its internet site at www.insituform.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, 2008, as filed with the Securities
and Exchange Commission on March 2, 2009, 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.
Insituform®, the Insituform® logo, Titeliner®, Bayou®, the Bayou®
logo, Corrpro® and the Corrpro® logo are the registered and
unregistered trademarks of Insituform Technologies, Inc. and its
affiliates.
For more information, contact:
David F. Morris
Senior Vice President and Chief Administrative Officer
636-530-8000
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