Offers of American Electric Technologies are flooding on Monday, after the organization declared that its Chinese joint endeavor, BOMAY Electric Industries Company, Ltd., has gotten a noteworthy request for penetrating apparatus control frameworks for residential use inside China. A sum of 40 penetrate fix frameworks have been requested. American Electric Technologies foresees the initial ten units will be transported before the Chinese New Year in February. The rest of the frameworks are assessed to be shopped by July 2019. Each penetrating apparatus framework has an expected estimation of around $1 million for every framework. Here is the full public statement itemizing of the significant boring apparatus arrange:
American Electric Technologies, Inc. Press Release:
American Electric Technologies, Inc. (NASDAQ:AETI) (the “Company”) today announced that its Chinese joint venture, BOMAY Electric Industries Company, Ltd. (“BOMAY”), received orders for 40 control systems to be used for new Chinese domestic drilling rigs. Ten units will be shipped prior to next year’s Chinese New Year in February and the remainder will be shipped by July 2019. The estimated value of the order is approximately US$1 million for each system. AETI has the second largest ownership in the JV at 40%, with 51% held by Bomco, a wholly owned subsidiary of the China National Petroleum Corporation.
Mr. Cheng Bo, General Manager, said he and his team are very proud to be recognized as a leader in the electric control systems business for oil drilling land rigs, and to be chosen to produce these systems to help develop domestic Chinese oil and gas fields. Mr. Cheng Bo also added that as part of the domestic development of Chinese oil and gas resources, BOMAY has designed and built one 2,500 HP and one 3,000 HP medium voltage drives for fracking pumps. These units valued at US$500K each, are currently in test. Also, BOMAY recently designed and built a 2000 HP direct drive draw works for retrofits of old and new drilling rigs. Value for each system is approximately US$700K, which is also currently in test. Future significant orders are expected for both products.
AETI also announced a large FPSO (Floating, Production, Storage, and Offloading) vessel decommissioning project with its subsidiary M&I Electric Brazil. The project is expected to last up to 24 months and reinforces the company’s market strategy to move into the offshore oil production segment. “We are glad to help our customers in this decommissioning project in a safe and environmentally responsible way,” said Jose Octavio-General Manager of M&I Electric Brazil. Revenues are expected to be US$1.5-2.0 million by the end of the project.
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading provider of power delivery solutions to the global energy industry. AETI is headquartered in Houston and has global sales, support and manufacturing operations in Rio de Janeiro, Macaé and Belo Horizonte, Brazil. In addition, AETI has minority interest in a joint venture in Xian, China. AETI’s SEC filings, news and product/service information are available at www.aeti.com.
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