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M&I Electric announces $3M+ project for new offshore drilling rig power system

/EIN News/ -- HOUSTON, June 20, 2018 (GLOBE NEWSWIRE) -- 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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