M&I Electric announces $3M+ project for new offshore drilling rig power system
June 20 2018 - 9:00AM
American Electric Technologies, Inc. (NASDAQ:AETI), a leading
provider of power delivery solutions for the global energy
industry, announced today that its M&I Electric business has
been awarded a $3M contract to provide a power delivery
solution for a new North America-deployed offshore drilling
platform.
The M&I project award includes M&I low voltage
Alternating Current (AC) Variable Frequency Drives (VFD). Low
voltage AC VFDs manage and control power for critical drilling rig
functions including the drawworks, top drive, mud pump and cement
pumps.
“We were pleased to be selected for this project based on our
proven low voltage drive product and our offshore drilling power
application experience.” said Doug Williams, Vice President,
General Manager, Global Drilling and Marine at M&I. “The
company has maintained its experienced team during the downturn,
has invested in additional service personnel including in West
Texas, and looks forward to continued growth in the offshore and
land drilling markets.”
M&I expects delivery of this project to occur in the second
half of 2018. Additional details were not disclosed.
About AETI:
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading
supplier of power delivery solutions for the global energy
industry. AETI offers M&I Electric™ power distribution and
control products, electrical services, and E&I construction
services. AETI is headquartered in Houston and has global
operations in Beaumont, Texas; and Rio de Janeiro, Macae and Belo
Horizonte Brazil. In addition, AETI has a minority interest in a
joint venture located in Xian, China. AETI’s SEC filings, news and
product/service information are available at
www.aeti.com.
Contact:
Bill Brod
Chief Financial Officer
713-644-8182
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