AETI announces renewal of Chinese Joint Venture
AMERICAN ELECTRIC TECH (AETI)
US:NASDAQ Investor Relations:
aeti.com/aeti/?q=irinfo
Company Research
Source: GlobeNewswire
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 Chin
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