HOUSTON, Nov. 28, 2011 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading global provider of power delivery solutions for the traditional and renewable energy industries, announced today that it has secured a contract with Xtreme Drilling and Coil Services (TSX:XDC) of Calgary, Alberta to supply seven M&I® land drilling rig power systems. The M&I® units are expected to enhance Xtreme's shale drilling operations in the Bakken and Niobrara regions. Deliveries of the power systems will begin in Q4 2011 and continue through Q2 2012.
Xtreme, a land-based drilling and well services contractor, works with exploration and production companies in North America and internationally. The company offers operators exploring in major U.S. resource plays advanced, proprietary technology designed to achieve deeper, faster and safer drilling of long-lateral horizontal wells up to 22,500 feet.
AETI's M&I® power systems will power seven of Xtreme's new XDR 500 rigs. These drilling rigs include the latest technology innovations for horizontal drilling, including a maximum hook load of 500,000 lbs, two 1,600 HP mud pumps, and a 350-ton AC top drive system.
"Xtreme selected the M&I® power systems because AETI provided value in delivering reliable land drilling power systems to meet our rig requirements and we recognized the safety enhancements possible with their arc-mitigation technology," said Richard Havinga, chief operating officer of Xtreme Drilling and Coil Services.
"More stringent requirements for advanced power system technologies and reliability are driving changes in the land drilling rig power industry," said James Steffek, senior vice president for AETI. "We are pleased AETI can help clients such as Xtreme meet this challenge while providing them with a solution that will power the next-generation development of land drilling efforts."
American Electric Technologies, Inc. (Nasdaq:AETI) a leading global supplier of power delivery solutions to the traditional and renewable energy industries. AETI's SEC filings, news and product/service information are available at http://www.aeti.com.
Forward Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U.S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management's expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the anticipated results expressed or implied herein will not be realized.