Perma-Pipe International Holdings Inc. said it had received technical and commercial approval from Saudi Arabian Oil Co. (Aramco) allowing it to expand its business opportunities in the kingdom through a direct pathway to the oil and gas sector.
Perma-Pipe said in a media release this is “a critical step forward” in expanding its presence in the Middle East.
Until now, Perma-Pipe has mainly focused on the Saudi market through district heating and cooling. With this new approval, the company is now better positioned to enter Saudi Arabia’s pipe coating sector, which is the largest in the Middle East, Perma-Pipe said.
The company noted that its global operations have recently secured $30 million in new project awards, increasing its backlog and further confirming the rising demand for its engineered pipe coating and containment systems.
“Securing Saudi Aramco approval is another example of our successful business plan execution, including geographic, market, and product expansion, which has resulted in rapidly increasing backlog and profitable growth. This landmark achievement for Perma-Pipe underscores the strength of our technical capabilities and our commitment to the kingdom”, Saleh Sagr, President and CEO of Perma-Pipe, said.
“Combined with the $30 million in project awards in the third quarter across our global operations, these outcomes are the direct result of deliberate decisions, thoughtful planning, outstanding teamwork, and a clear vision for growth and impact”.
Perma-Pipe said it has been active in the Middle East for years.
Source: By Paul Anderson from Rigzone.com