Perma-Pipe International Holdings has landed a significant $27 million+ haul of new contracts spanning the Americas and the Middle East and North Africa (MENA) region, indicating robust demand for specialized pipeline solutions, the company said. The contracts include Perma-Pipe’s anti-corrosion technology and high-performance XTRU-THERM insulation system, a spray-applied polyurethane foam jacketed in a rugged high-density polyethylene casing. The company said in a press release it has secured multiple awards to provide anticorrosion coating services for the oil and gas markets in Western Canada and the UAE. In the United States and Saudi Arabia, Perma-Pipe will deliver double-containment and pre-insulated piping solutions for data center and industrial expansion projects under multiple contracts. “These major project awards reflect the increasing demand for Perma-Pipe’s solutions. This demand is being fueled by market growth in data centers, rising investments in pharmaceuticals and industrial sectors, and the expansion of midstream energy projects”, Marc Huber, Senior Vice President of Perma-Pipe’s Americas region, stated. “Our strategic product diversification and geographical expansion have been vital in driving this growth, opening new markets, and ensuring our continued success”, Saleh Sagr, President, added. “We are excited about these new awards, as they mark key milestones for the Company and further complement an already strong backlog position for the coming year”, David Mansfield, CEO, commented. “These projects not only showcase the strength of our solutions but also play a strategic role in advancing our position within the market”. To contact the author, email [email protected] WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR

BP Plc said debts mounted in the first quarter, yet another setback for the UK energy major as it struggles to turn its finances around. Net debt climbed about $4 billion from the prior quarter, BP said Friday, citing an increase in working capital. It also reported lower upstream production and weak gas trading — disappointing for a company pivoting back toward its core fossil-fuel business. The guidance comes just a few months after BP unveiled plans to refocus on oil and gas and spend less on clean energy amid pressure from activist investor Elliott Investment Management. Since the end of the quarter, turnaround efforts have come under further strain, with the oil market roiled by US President Donald Trump’s aggressive trade policy and OPEC+’s move to unleash supply. BP’s net debt totaled $23 billion at the end of last year, its ratio of debt to equity far exceeding that of Shell Plc, TotalEnergies SE, Chevron Corp. and Exxon Mobil Corp. This year the stock has fared worse than peers, particularly since Trump announced new tariffs April 2. And with oil’s sharp plunge, BP’s in a tough position to bring down borrowings and maintain shareholder returns. “We believe BP has the highest likelihood of reducing buybacks” among the oil majors, TD Cowen analyst Jason Gabelman wrote in a note. “The stock has been the weakest performer since April 2 in the peer group due to relatively high leverage and reliance on divestments.” BP saw “slightly higher” volumes in oil production and operations in the first quarter, but lower output in gas and low-carbon energy, the company said in a statement. Its large but opaque trading business, which at times helps the company ride out a softer market, failed to come to the rescue, with a “weak” contribution from gas and “average” for

Dive Brief: Dive Insight: Most tankless water heaters sold today already meet the stricter standards, but rolling back the rule will have a big impact on consumers nonetheless, according to the Appliance Standards Awareness Project. The standards were set to take effect in 2029, requiring new gas tankless water heaters to use about 13% less energy than today’s least efficient models and lowering a household’s total costs by an average of $112 over the life of the product, the group said. “American families are going to face higher bills because the Senate sided with a group of gas utilities and one particular manufacturer,” ASAP Executive Director Andrew deLaski said in a statement. “This is going to keep an outdated version of this technology on the market, with homeowners and renters paying the cost.” Gas industry officials called the vote “a victory for working-class Americans.” “President Biden’s block on certain natural gas appliances was deeply flawed legally and practically,” AGA President and CEO Karen Harbert said. “The water heater rule would have removed consumer choices, placed a disproportionate financial burden on seniors and low-income Americans and pushed financially vulnerable consumers toward less efficient electric products likely to raise their energy bills.”  The Congressional Review Act resolution of disapproval regarding the standards passed with bipartisan support in both chambers of Congress. The DOE finalized the rule in December. “The DOE should focus on promoting energy efficiency without unnecessarily driving up costs and limiting consumer choice,” National Association of Home Builders Chairman Buddy Hughes said in a statement. The measure approved Wednesday by the Senate was introduced in the House by Rep. Gary Palmer, R-Ala. “I applaud the Senate on passing this legislation to protect not only gas water heaters, but consumers,” Palmer said. “For four years, the Biden-Harris administration waged war on our home

WASHINGTON– The Department of Energy (DOE) today announced a new policy action aimed at halting inefficient spending by colleges and universities while continuing to expand American innovation and scientific research. In a new policy memorandum shared with grant recipients at colleges and universities, DOE announced that it will limit financial support of “indirect costs” of DOE research funding to 15%. This action is projected to generate over $405 million in annual cost savings for the American people, delivering on President Trump’s commitment to bring greater transparency and efficiency to federal government spending. “The purpose of Department of Energy funding to colleges and universities is to support scientific research – not foot the bill for administrative costs and facility upgrades,” U.S. Secretary of Energy Chris Wright said. “With President Trump’s leadership, we are ensuring every dollar of taxpayer funding is being used efficiently to support research and innovation – saving millions for the American people.” Through its grant programs, the Department provides over $2.5 billion annually to more than 300 colleges and universities to support Department-sanctioned research. A portion of the funding goes to “indirect costs”, which include both facilities and administration costs. According to DOE data, the average rate of indirect costs incurred by grant recipients at colleges and universities is more than 30%, a significantly higher rate than other for profit, non-profit and state and local government grant awardees. Limiting these costs to a standard rate of 15% will help improve efficiency, reduce costs and ensure proper stewardship of American taxpayer dollars. Full memorandum is available here: POLICY FLASH DATE: April 11, 2025 SUBJECT: Adjusting Department of Energy Grant Policy for Institutions of Higher Education (IHE)  BACKGROUND: Pursuant to 5 U.S.C. 553(a)(2), the Department of Energy (“Department”) is updating its policy with respect to Department grants awarded to institutions

TC Energy Corp. Chief Executive Officer Francois Poirier ruled out selling the Canadian Mainline natural gas pipeline — which stretches across most of the country — as the trade war with the US pushes energy security up Canadian politicians’ priority list. President Donald Trump’s tariffs and repeated taunts about annexing Canada have highlighted the country’s vulnerability in relying on a crude pipeline that crosses through the US to supply oil for the eastern provinces’ refineries. Both of the main political parties seeking power in this month’s election have discussed the need to reduce reliance on the pipeline that goes through the Midwest.  The Mainline stretches more than 14,000 kilometers (8,700 miles) from energy-producing Alberta to major population centers in Ontario and Quebec while remaining entirely within Canada’s borders. TC Energy had once proposed converting the line from natural gas to oil before the project, known as Energy East, was abandoned amid opposition, primarily in Quebec.  TC Energy last year split off its oil pipelines into a separate company and is now focused on natural gas transportation and power generation, making the Mainline one of its marquee assets. That makes converting or selling the pipeline something the company won’t consider, Poirier said. “We have a very large group of natural gas shippers with whom we have contractual obligations to deliver natural gas for, in some cases, many more decades,” Poirier said in an interview Thursday in Toronto. “Given that all of our capacity is contracted, legally speaking, we wouldn’t be able to consider a conversion of some of our existing infrastructure to oil service.”   WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS

Oil rebounded on Friday, but still notched its second straight weekly decline as the escalating trade war between the world’s two largest economies drove wild volatility. West Texas Intermediate futures advanced 2.4% to settle at $61.50 a barrel after China raised its tariffs on all US goods to 125%, but said it will pay no attention to further hikes from Washington. Equities rebounded as a selloff in longer-term Treasuries abated, helping buoy the commodity later in the session. The conflict between China and the US has triggered frantic selloffs in stocks, bonds and commodities on concerns the dispute will reduce global growth. The US Energy Information Administration has slashed its forecasts for crude demand this year by almost 500,000 barrels a day, and oil market gauges further along the futures curve are pointing to an oversupply. Oil has retreated about 14% in April, also hurt by an OPEC+ decision to bring back output more quickly than expected. The US levies include a punitive 145% charge on imports from China, which has retaliated with its own tariffs as ties between the two superpowers come under immense strain. US Energy Secretary Chris Wright said on Bloomberg Television on Friday that the market’s recent selloff is overblown, as the US will ultimately have a stronger economy under President Donald Trump. He added that he expects to see higher volumes of US crude and natural gas liquids produced under the current president. Oil’s retreat has led to declines in associated products, with US gasoline futures dropping almost 3% this week. “High-level economic uncertainty is challenging for a macro-sensitive commodity such as oil, and we expect prices will remain under pressure,” BMI, a unit of Fitch Solutions, said in a note. In addition, “we currently factor in a continued, gradual unwinding of the OPEC+ production