Profile Technologies Reports Record Increase for Inspection Work
Profile Technologies, Inc. reported that its electromagnetic wave (EMW) pipeline inspection work for major oil producers in Alaska's Prudhoe Bay region has grown to 450 lines this year, up 22% over last year's work, and that it has scheduled an additional 18-21days to inspect 36 below-ground lines for another major pipeline in Alaska.
When commercial work is completed, the Company has committed to demonstration work for its Alaskan oil company customers designed to establish Profile's ability to detect corrosion on above-ground piping at the points where pipelines rest on saddles. Since most pipelines in permafrost areas in Alaska are elevated on vertical supports, "this demonstration, if successful, could potentially result in a significant increase in the company's 2002 workscope," said Profile's Chief Executive Officer Henry Gemino.
The Company's EMW inspection technology is a high speed, non-invasive, non-destructive and automated process that remotely tests buried and insulated piping for corrosion. This patented process analyzes electromagnetic waveforms in a way that locates areas of corrosion along a pipeline segment and determines the integrity of the entire pipeline, all without the need to remove pipeline insulation or to excavate pipelines.
In October, Profile will also complete a one-week, buried pipe, pilot project for a large natural gas pipeline in Pennsylvania, and a separate, week-long, pilot project for a large East Coast refiner.
In the US Southwest, the Company has scheduled October demonstration work for a large natural gas pipeline and a large natural gas distributor. These demonstrations include buried pipe, above-grade, insulated pipe and one or more road crossings. The Company said it is also planning two demonstrations in November for two large natural gas pipelines - one in the Southeast, a second in the Great Lakes region.
"Clearly, our sales development efforts this year testify to the need for and the growing acceptance of our technology," said Profile's Chief Operating Officer Philip Jones.