Perma-Pipe International Holdings, Inc. reports developments in engineered pre-insulated piping, leak detection, and containment systems for infrastructure, energy, industrial, and data center applications. Company news commonly covers project awards, backlog trends, quarterly results, and demand across North America and the Middle East and North Africa region.
Updates also address district heating and cooling projects, pipeline coating and insulation work, localized manufacturing capacity, new facility investments, and board composition. The company's announcements connect its engineered piping systems to energy distribution, mission-critical cooling, chemical and petroleum transport, and environmental protection applications.
Perma-Pipe International Holdings (NASDAQ: PPIH) has completed a sale and leaseback deal with Nash88, LLC, generating $8.7 million in net proceeds. The transaction involves land and buildings in Lebanon, Tennessee, used for coating and fabricating district heating and cooling piping systems. Perma-Pipe will lease the facility for an initial fifteen years with an optional twenty-year extension. President and CEO David Mansfield stated the funds will be reinvested into growth opportunities amidst uncertain market conditions.
Perma-Pipe International Holdings (NASDAQ: PPIH) reported a challenging financial year and fourth quarter ended January 31, 2021. Fourth-quarter revenue was $21.3 million, down $11 million from last year, with a net loss of $2.5 million compared to a net income of $1.5 million in 2019. Fiscal year revenue fell to $84.7 million, a decrease of $42.9 million year-over-year, resulting in a net loss of $7.6 million. The declines were attributed to the COVID-19 pandemic and reduced capital spending in the oil and gas sector. However, an increase in backlog to $52.6 million suggests potential recovery in project execution.
Perma-Pipe International Holdings (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe Middle East FZC, has secured a contract valued over $5 million from Saipem S.p.A. for double joint welding, coating, and thermal insulation for a 36-inch pipeline in the Middle East. The project will utilize Perma-Pipe's POLY-THERM® insulation system and is set to commence in Q1 2021 at their Fujairah facility. This collaboration highlights the strong relationship between Perma-Pipe and Saipem, demonstrating trust in Perma-Pipe's technical capabilities and innovative solutions.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has secured a contract from LLOG Exploration Offshore to supply over five miles of subsea insulation in the Gulf of Mexico's Dome Patrol Field. This contract includes engineering support, pipe coating, and insulation supply, utilizing the FLOW–THERM™ thermal insulation product, effective at temperatures up to 226 °F (108 °C). The project highlights Perma-Pipe's commitment to its customers in the Gulf of Mexico and will be executed at their New Iberia, Louisiana facility, with delivery anticipated in June 2021.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe India Pvt. Ltd. (PPIL), has secured a $6.7 million contract with JSIW Infrastructure Pvt. Ltd. to apply a thermal insulation system on a 74 km crude oil pipeline for HPCL Rajasthan Refinery Ltd. The project, utilizing TRACE-THERM™ insulation, is set to commence in Q1 2021 at PPIL's facility in Gujarat. The pipeline will support a new refinery and petrochemical complex in Rajasthan. Executives expressed optimism about the project, highlighting the company's commitment to quality solutions.
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) reported a net loss of $2.9 million for Q3 2020, widening from a loss of $0.1 million a year earlier. Revenue dropped to $20.3 million, down 41% from $34.5 million, primarily due to COVID-19's impact on the oil and gas sector and construction delays. However, backlog increased to $47.7 million, indicating a potential recovery with heightened bidding activity. Cost control measures have been implemented to mitigate losses, while new initiatives, including a coating plant in UAE, aim to drive future growth.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) has announced new large capacity production lines in its subsidiaries located in Fujairah, UAE, and Gandhidham, India. These lines, known as “FAB-COAT,” enhance their existing custom coating capabilities for piping materials in the oil, gas, and water transmission industries. The new facilities can apply various anti-corrosion coatings and have already secured sizable orders. CEO David Mansfield emphasized the growth potential in the MENA region and the immediate returns from this investment.
Perma-Pipe International Holdings (Nasdaq: PPIH) announced a $5.1 million contract awarded to its subsidiary Perma-Pipe Saudi Arabia by Nesma & Partners for thermally insulated pipe and field joints in a district cooling network project for Umm Al Qura. This contract is part of $5.7 million in total contracts awarded in Q3 2020. The project will utilize Perma-Pipe’s POLY-THERM® insulation system and will commence in Q4 2020 in Dammam, Saudi Arabia. The initiative aims to enhance transport efficiency and services in Makkah, reinforcing Perma-Pipe's commitment to partnerships in major projects.
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced that its subsidiary, Perma-Pipe Egypt, secured contracts valued at approximately $6.0 million from China State Construction Engineering Company (CSCEC). The contracts involve providing thermally insulated pipe, field joints, and leak detection systems for a district cooling network managed by the New Urban Communities Authority (NUCA) in Egypt's New Administrative Capital. The project will implement Perma-Pipe's XTRU-THERM® insulation system and the PermAlert® leak detection system, beginning in Q4 2020.