ST. LOUIS--(BUSINESS WIRE)--Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Brinderson, L.P. (“Brinderson”), has received a long term contract extension for work at the Los Angeles refinery operated by Tesoro Refining & Marketing Company LLC (“Tesoro”). In addition, Tesoro renewed its contract with Brinderson for its Golden Eagle refinery in Martinez, California. The combined expected 2014 revenues, pending adherence to all performance and safety criteria per the contracts, are to be approximately $40 million, with $20 million of incremental revenue in 2014 to Brinderson.
Tesoro Corporation, a Fortune 100 company and the parent company of Tesoro Refining & Marketing Company LLC, is an independent refiner and marketer of petroleum products. Tesoro Corporation, through its subsidiaries, operates six refineries in the western United States with a combined capacity of 850,000 barrels per day.
Over the term of the contracts, Brinderson will provide routine maintenance and repair services as well as perform small capital construction projects at all three Tesoro refinery locations. Tesoro’s Los Angeles refining operation is the largest refinery on the West Coast and a major producer of clean fuels. When at full capacity, the refinery complex can process 363,000 barrels per day.
Russell Conda, Brinderson’s President, commented, “We are honored Tesoro has again shown their confidence in Brinderson’s ability to support the maintenance of their facilities. This is a significant award for us and demonstrates our capabilities to deliver an industry leading safety record and high quality onsite performance. We take great pride in our safety programs that have generated over one million hours without a recordable incident. Brinderson’s ability to add predictable value accretion to our client’s facilities helped us to secure this award. We look forward to our continued, and now expanded, relationship with Tesoro.”
Work being performed at Tesoro refineries has continued uninterrupted during the process of negotiating the contracts between Tesoro and Brinderson.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection and maintenance, providing proprietary technologies and services: (i) to protect against the corrosion of industrial pipelines; (ii) to rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures; and (iii) to utilize integrated professional services in engineering, procurement, construction, maintenance and turnaround services for a broad range of energy related industries. More information about Aegion can be found on our internet site at www.aegion.com.
About Brinderson, L.P.
For more than 45 years, Brinderson, L.P., a subsidiary of Aegion Corporation, has been a leading integrated service provider of maintenance, construction, engineering and turnaround activities for the upstream and downstream oil and gas markets. More information about Brinderson can be found on its Internet site at www.brinderson.com.
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, 2012, as filed with the Securities and Exchange Commission on February 27, 2013, and in the Company’s subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company 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 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®, Brinderson® and the Aegion® logo are the registered trademarks of Aegion Corporation and its affiliates.