HOUSTON, June 20, 2018 — 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.