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M&I Electric announces $5M Dredge vessel power and control system project award

HOUSTON, May 16, 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 $5M project award for a complete power and control system for a new dredge vessel for a leading US Gulf Coast dredging company.

/EIN News/ -- Dredging is an excavation activity usually carried out underwater, in shallow seas or freshwater areas with the purpose of gathering up bottom sediments and widening the waterway. This technique is often used to keep waterways navigable and creates an anti-sludge pathway for boats.

M&I Electric will provide a turnkey solution with a wide range of M&I Electric products and services.  The project will incorporate M&I’s IntelliSafe™ arc-resistant switchgear, low voltage generator control and distribution switchgear, M&I’s Vessel Management System, low voltage and medium voltage Variable Frequency Drives (VFDs), along with motors provided by a third party.  

“We are very pleased to work with our customer to help to design and deliver one of the highest technology dredging vessels ever built in the US,” said Doug Williams, Senior Vice President and General Manager, Global Drilling & Marine business unit.  “M&I’s successful history in the marine market coupled with our ability to provide the complete range of power and control solutions make us the preferred choice as the marine vessel market continues to recover.”

Delivery of the turnkey solution is expected in the second half of 2018. No additional details were 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 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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