Aegion Corporation Awarded Two CIPP Projects Totaling $9.3 Million (USD) in Kuala Lumpur, Malaysia
Aegion Corporation (Nasdaq: AEGN) announced the award today of two subcontracts for its Malaysian subsidiary, Insituform Linings Asia Sdn Bhd, with a total value of approximately $9.3 million (USD). These projects originate from the Government of Malaysia under the Department of Sewerage Services, Ministry of Energy, Green Technology & Water for the rehabilitation of pipelines in Kuala Lumpur, the capital city of Malaysia.
In 2011, the Government of Malaysia began an Economic Transformation program, which is expected to continue through 2015. The program includes the rehabilitation of pipelines, sewerage management and improvements to transportation systems, oil and gas facilities and river restoration throughout Kuala Lumpur. The Government of Malaysia plans to spend $35 million to $40 million per year for work on dedicated trenchless rehabilitation projects in Kuala Lumpur. These contracts are the first cured-in-place pipe (CIPP) projects to be awarded to Aegion Corporation under this program.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Advertisement