PermaPipe International Holdings Secures $43M Project Award in GCC Region

PermaPipe Secures Major Project in GCC Region, Reinforcing Market Position

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a leading provider of pre-insulated piping and leak detection systems, announces a significant development with the receipt of a formal letter of award for a project in the Gulf Cooperation Council (GCC) region, valued at over $43 million. Scheduled to commence in the third quarter of 2025, this initiative involves the delivery of thermal insulation and anti-corrosion coatings from Perma-Pipe’s facility in Abu Dhabi. The project showcases the company’s advanced capabilities, particularly its TRACE-THERM® insulation system, which utilizes a spray-applied polyurethane foam jacketed with high-density polyethylene. This innovative approach underscores Perma-Pipe’s commitment to meeting the demanding requirements of complex energy projects.

Saleh Sagr, Senior Vice President for the Middle East and North Africa (MENA) region, expresses gratitude for this award, reflecting on the company’s robust track record in successfully executing numerous development projects within the region. This achievement illustrates Perma-Pipe's strategic focus on the GCC, a region characterized by its dynamic energy sector and ongoing infrastructure developments. David Mansfield, President and CEO, emphasizes that this award not only strengthens Perma-Pipe’s positioning in the global oil and gas markets but also contributes significantly to the company’s growing backlog of projects as it prepares for a busy 2025.

With operations spanning fifteen locations across six countries, Perma-Pipe leverages its extensive engineering and fabrication expertise to facilitate the safe and efficient transportation of liquids. The announcement of this award highlights the company’s strategic advancement within the energy sector, reinforcing its global footprint and enhancing its service offerings. While the company remains optimistic about its future projects, it also issues a caution regarding forward-looking statements, acknowledging potential risks such as fluctuations in oil and natural gas prices and challenges related to raw material procurement.

In addition to this major project win, Perma-Pipe continues to focus on innovation and sustainability within its operations. The company’s advanced insulation systems not only improve energy efficiency but also contribute to environmental conservation efforts, aligning with global trends towards sustainable energy solutions. As Perma-Pipe progresses with its ambitious plans, its commitment to technological advancements and customer satisfaction remains at the forefront of its strategy.