Perma-Pipe International Holdings, Inc. has entered into a joint venture with Gulf Insulation Group in The Kingdom of Saudi Arabia to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in the Kingdom of Saudi Arabia, Kuwait and Bahrain. This joint venture will be positioned to participate in Saudi Vision 2030, a strategic framework to diversify the Saudi Arabian economy through development of the public services sectors such as health, education, infrastructure, recreation and tourism. The joint venture will be 60% controlled by Perma-Pipe International Holdings, Inc. and 40% by Gulf Insulation Group through their subsidiaries, respectively.

Formation of the joint venture is subject To Approve the Kingdom of Saudi Arabia General Authority for Competition. Jones Day advised Gulf Insulation Group in its joint venture with Perma-Pipe International Holdings, Inc. to provide pre-insulated piping systems, piping fabrication, internal and external fusion bonded epoxy, three-layer coating services and leak detection systems for customers in the Kingdom of Saudi Arabia, Kuwait, and Bahrain.