AETI to Provide Turnkey Power Delivery Solutions to Energy Development Corporation (China), Inc. for Sinopec - Noble Energy Offshore Production Platform Project
HOUSTON, Oct. 29, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq: AETI), a leading global supplier of power delivery solutions for the energy industry, announced today that it has been selected by Energy Development Corporation (China), Inc., a subsidiary of Noble Energy Inc., and Sinopec Beijing Cheng Dao Xi (CDX), to provide turnkey power delivery products for an offshore production platform project in the South China Sea.
Noble Energy is a leading independent energy company engaged in worldwide oil and gas exploration and production. Through its subsidiary Energy Development Corporation (China), Inc., Noble Energy has a 57 percent working interest in the CDX field. China Petro-chemical Corporation (Sinopec) is Noble Energy's partner with a 43 percent working interest.
AETI's M&I Electric group will supply a power control building for installation on the offshore production platform. The custom designed, 110-ton offshore building for the platform will contain medium voltage and low voltage power distribution switchgear, along with motor control centers, heating and variable AC, fire and gas detection, and battery backup systems. All equipment will be fully integrated and tested at M&I's Beaumont, Texas manufacturing plant before transfer by ocean freight for eventual deployment in the CDX field of the Bohai Bay region.
"We are pleased that Noble Energy's EDC group has selected AETI again to provide turnkey electrical power distribution solutions for their offshore production project requirements," said Dale Reeder, vice president of marine/offshore sales, M&I Electric. "The success of our previous projects with Noble Energy and the ensuing post-sale support provided by AETI has gone far in solidifying a mutually beneficial relationship between our two companies."
The terms of the contract were not disclosed, but AETI expects to ship the project in the second quarter of 2013.
American Electric Technologies, Inc. (Nasdaq: AETI) is a leading global provider of power delivery solutions to the energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Florida and Bay St. Louis, Mississippi. In addition, AETI has minority interests in three joint ventures in Xian, China, Singapore and Macae, Brazil. AETI's SEC filings, news and product/service information are available at www.aeti.com.
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning anticipated future demand for our products, international expansion, and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 30, 2012. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.