Perma-Pipe International Holdings Announces $5.7 Million in Contracts Awarded in Saudi Arabia

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced its subsidiary Perma-Pipe Saudi Arabia has been awarded a $5.1 million contract by Nesma & Partners Contracting Co. Ltd. for the provision of thermally insulated pipe and field joints for a district cooling network for Umm Al Qura for Development & Construction Company (UAQ), in the King Abdul Aziz Road Development (KAAR). The combined value of contracts awarded to Perma-Pipe Saudi Arabia in Q3 2020 was $5.7 million.

The project will utilize Perma-Pipe’s premier engineered POLY-THERM® insulation system, a spray-applied polyisocyanurate foam jacketed with a tough fiberglass reinforced outer jacket. POLY-THERM® complies with the stringent flame-spread index and smoke development index requirements of ASTM E84 Class-1 making the product suitable for applications where fire protection is paramount. The project will begin execution in Perma-Pipe’s facilities in Dammam Industrial City, Saudi Arabia in Q4 2020.

Raed Al Saleh, General Manager for Perma-Pipe Saudi Arabia states, “Perma-Pipe looks forward to continuing our partnership with Nesma & Partners and UAQ. We are proud to be a part of such a strategic and significant project which will alleviate pressure in the city, improve transport efficiencies and provide superior services for citizens, visitors and pilgrims to the Holy City of Makkah.”

Grant Dewbre, Sr. Vice President for Perma-Pipe’s MENA region continues, "We believe that our technical ability to have truly delivered an ASTM E84 Class 1 material differentiates us from others. We value our well-established relationship with Nesma & Partners and look forward to supporting them on this project by ensuring that we meet the delivery requirements.”

David Mansfield, President and CEO commented, "We thank our customer for this award which reinforces our commitment to establishing 'Partners in Excellence.' We are pleased to see that Saudi Arabia continues to progress with major projects during these challenging times and look forward to being part of the upcoming mega-projects that are currently planned.”

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 gathering, 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.