Perma-Pipe International Holdings Announces US Gulf of Mexico Project Award

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has been awarded a contract in excess of $9 million. The contract is for the Winterfell Project in the US Gulf of Mexico for Beacon Offshore Energy LLC (Beacon). The project will be executed at Perma-Pipe’s facility in the Port of Iberia, Louisiana in the latter part of 2023 and will be completed before the end of the year.

The newly awarded project involves the application of Perma-Pipe’s FLOW-THERM® subsea wet insulation to the flowline that forms a part of Beacon’s Winterfell Project, located in the US Gulf of Mexico at a water depth of approximately 5,800 feet (1,600 meters). FLOW-THERM® has an extensive track record and has been used on projects having a water depth up to 10,000 feet (3,000 meters). FLOW-THERM® is a recognized and trusted insulation solution in the oil & gas industry which has been in use for almost 20 years.

Alan Morrison, General Manager for Perma-Pipe’s offshore business unit commented, “We would like to thank Beacon for the trust they have placed in us and will exceed Beacon’s expectations during the execution of the project.”

Grant Dewbre, COO and Senior Vice President for Perma-Pipe’s Americas region stated, “We are excited to be working for Beacon, a new customer for us, who we very much hope will be a repeat customer in the near future. We will ensure that Beacon’s schedule is met while delivering our products with the highest standards of quality and safety being adhered to at all times.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.