American Electric Technologies, Inc., the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, announced today that it continues to deliver on its international geographic expansion by announcing two projects with Aban Offshore Limited of Chennai, India
Accelerates Market Share in Rapidly Growing Indian Energy Market
HOUSTON, April 21, 2008 (PRIME NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, announced today that it continues to deliver on its international geographic expansion by announcing two projects with Aban Offshore Limited of Chennai, India. Aban Offshore is India's largest offshore private drilling contractor and their twenty offshore drilling and production units places Aban among the top ten offshore drilling asset owners in the world. The contracts total just under $2 million.
The scope of supply for the Aban VII and the Aban III jack-up retrofit projects include a complete new custom-designed, state-of-the-art, M&I Electric power and electrical system upgrade. These projects also provide for generator control and distribution switchgear systems as well as SCR drives and motor control systems. A customized driller control and mud pump console is also part of the customized upgrade package.
"As our region is experiencing historical growth, it is extremely important to us that our jack-up drilling rigs are sustained and maintained with only the best technology, including power delivery systems that run the rig on a daily basis," said Aban's V. Mahesh Senior Manager - Commercial. "AETI's reputation in providing quality and customized power delivery solutions is just one reason why we are proud to have them provide equipment and services on these important upgrade projects."
Aban VII is an offshore jack-up drilling rig located in 250 feet of water near Dubai, United Arab Emirates that can drill to 20,000 feet. AETI delivered the Aban VII project at the end of 2007 and the project is worth approximately $1.1 million. Aban III is an offshore jack-up drilling rig located in 300 feet of water near Mumbai, India. The jack-up rig can drill to 20,000 feet and this project is worth approximately $870,000. The upgrade is scheduled for delivery in April 2008. Both rigs provide living quarters for approximately 90 persons. Aban Offshore also operates rigs in China, Malaysia, Thailand, India, Bangladesh and West Africa.
"We are extremely pleased that AETI was awarded these projects in India as they fit our focus on providing complete power delivery solutions to all energy producing regions," noted James Steffek, AETI's Senior Vice President of Sales and Business Development. "These project awards serve as further proof that we have assembled a total solutions offering that is unmatched in the market."
Aban Offshore Limited, together with its subsidiaries, provides oil field services for offshore exploration and production of hydrocarbons in India and internationally. It owns and operates offshore drilling rigs, as well as provides drilling services to various oil and gas operators. The company also engages in the generation of wind energy and provides wind energy services. The company, formerly known as Aban Loyd Chiles Offshore Limited, was founded in 1986 and changed its name to Aban Offshore Limited in 2006. The company is based in Chennai, India.
American Electric Technologies, Inc. (Nasdaq:AETI) is the premium supplier of custom-designed power delivery solutions to the traditional and alternative energy industries. 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, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in two joint ventures which have facilities located in Xian, China and Singapore. AETI's SEC filings, news and product/service information are available at www.aeti.com.
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U.S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management's expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. 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 anticipated results expressed or implied herein will not be realized.
CONTACT: American Electric Technologies, Inc.
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