HOUSTON, April 18, 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 subsidiary, M&I Electric, along with joint venture partner BOMCO (a China National Petroleum Corporation (CNPC) subsidiary), has executed a ten year extension of their BOMAY joint venture in China.
Located in the city of Xi'an in the Shaanxi Province of China, BOMAY Electric Industries is a leading supplier of electric power and control systems and solutions to the drilling and production segments of the oil and gas industry.
BOMAY was originally established in 2006. Since that time, BOMAY has shipped electric control systems to over 500 drilling rigs for its customers, generating cumulative revenue of over $580 million US, and income of $44 million. The majority of BOMAY’s revenue has come from CNPC, Sinopec and China National Offshore Oil Corporation (CNOOC) in both the Chinese and overseas markets.
M&I Electric is a 40% owner of this venture. While past performance is not indicative of future results, during the 12 years, the JV has been profitable and paid cash dividends every year.
“We are happy to extend our BOMAY Joint Venture agreement for another 10 years,” said Charles Dauber, AETI President and CEO. “We look forward to growing the BOMAY business with the BOMAY management team as the Chinese and other global oil markets continue to recover.”
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 BOMAY Electric, located in Xi'an, 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