MARLTON, N.J. and CAIRO, Egypt, April 13, 2010 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that an affiliate company, Hill International Petrol Egypt, E.S.C. (Hill Petrol), has entered into a contract with the Egyptian Natural Gas Holding Company (EGAS) to provide project management services for a new $200 million natural gas compression station in Dahshur, Egypt. The one-year contract has an estimated value to Hill Petrol of $1.0 million.
The new compression station will help EGAS meet the increasing industrial demand for natural gas in Egypt and allow access to new fields. The station will enable maintenance of the required pressure in the Upper Egypt Pipeline to ensure the continuous supply of natural gas to industrial and commercial users along the pipeline route.
"We are very pleased to be chosen for this assignment and we will work hard to ensure the success of the project," said Aly Thabet, Chief Executive Officer of Hill Petrol. "Hill's project management resources coupled with the technical and local knowledge of EGAS creates a very strong project team," Thabet added.
Hill International Petrol Egypt, headquartered in Cairo, Egypt, provides project and construction management services primarily for oil and gas projects located throughout the Middle East and Africa. Hill Petrol is a joint venture company of Hill International, the Egyptian Natural Gas Holding Company (EGAS) and the Egyptian Natural Gas Company (GASCO). For more information on Hill Petrol, please visit their website at www.hillpetrol.com. For more information on EGAS, please visit their website at www.egas.com.eg. For more information on GASCO, please visit their website at www.gasco.com.eg.
Hill International, with 2,400 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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