HOUSTON, Feb. 27, 2013 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) a leading provider of power delivery solutions for the global energy industry, announced today that its flagship M&I Electric business has been selected by Houston-based Drillmec Inc. to be the turnkey power and control system provider for two offshore drilling platforms in the Gulf of Mexico. Drillmec was awarded the rig construction project contract from PEMSA who is the chosen drilling contractor for PEMEX.
Drillmec is an international leader in the design and manufacturing of drilling and workover rigs for onshore and offshore applications as well as a wide range of drilling equipment. The company is part of the TREVl Group, a multinational organization with more than 5,900 employees in 70 countries.
"Drillmec chose to work with M&I Electric due to their long history of providing successful power and control systems for land and offshore exploration ventures," said Brando Ballerini, president for Drillmec Inc. "M&I Electric's history, coupled with their automation capabilities and integrated turnkey approach, makes them a logical partner for us."
M&I Electric will provide a complete integrated power and control system for the two offshore drilling platforms that includes power generation and distribution switchgear, variable frequency drives, and the M&I DrillAssist™ automation control system.
"The success of our previous projects with Drillmec has gone far in solidifying a mutually beneficial relationship between our two companies and we look forward to working with them on this offshore project and others in the future," said Frank Davis, vice president of oil and gas, M&I Electric."
The terms of the contract were not disclosed, but AETI expects to report revenues from the two projects beginning in the third quarter of 2013 and ending in the fourth quarter of 2013.
American Electric Technologies, Inc. (Nasdaq:AETI) is a leading provider of power delivery solutions to the global energy industry. 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, Florida and Bay St. Louis, Mississippi. In addition, AETI has minority interests in three joint ventures in Xian, China, Singapore and Macae, Brazil. AETI's SEC filings, news and product/service information are available at www.aeti.com.
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning anticipated future demand for our products, international expansion, and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 30, 2012. 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 projected results expressed or implied herein will not be realized.
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