INSITUFORM TECHNOLOGIES INC
EQUIPMENT LEASE FOR 125 TON AMERICAN CRANE
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>11
<FILENAME>c83625exv10w18.txt
<DESCRIPTION>EQUIPMENT LEASE FOR 125 TON AMERICAN CRANE
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.18

                                 EQUIPMENT LEASE

         THIS LEASE executed as of January 1, 2004, between A-Y-K-E Partnership,
a partnership (hereafter referred to as "LESSOR"), and Affholder, Inc., a
Missouri corporation (hereinafter referred to as "LESSEE").

         1. LESSOR leases to LESSEE, and LESSEE leases from LESSOR, one (1) 125
Ton American Crane, Model 7530.

         2. The term of this Lease shall begin January 1, 2004 and shall end
December 31, 2004.

         3. The leased property shall be used solely for the installation of
Calumet Tunnel System - Little Calumet Leg, MWRDGC, Chicago, IL.

         4. LESSOR will be paid $8,500.00 per month (single shift) as rental for
the above listed cranes. Rent is payable on the last day of each month, in
arrears, and pro-rated for partial months. Second shift rental will be charged @
50% of the single shift rate.

         5. LESSEE may not make alterations, additions or improvements to the
leased property, without prior written notification to and approval by LESSOR.
All such additions to and improvements shall immediately become the property of
the LESSOR and subject to the terms of this Lease.

         6. LESSEE, at its own cost and expense, shall keep the leased property
in good repair, condition and working order, and shall not subject the leased
property to careless or needlessly rough usage.

         7. LESSOR shall at all times during business hours have the right to
enter upon the premises where the leased property may be located for the purpose
of inspecting it or observing its use.

         8. The leased property shall be delivered to LESSEE

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at Chicago, Illinois on or before January 1, 2004, and shall be returned to
LESSOR at St. Louis, MO at the termination of this Lease. All transportation
charges, including duties, from the delivery site to the job site and from the
job site to the return site shall be the responsibility of LESSEE. LESSEE shall
inspect the leased property before the commencement of the Lease. Unless LESSEE
gives written notice to the LESSOR within five (5) days after first test use of
the leased property specifying any defect in or other objection to the leased
property, it shall be conclusively presumed, as between LESSOR and LESSEE, that
LESSEE has fully inspected the leased property and found it to be in good
condition and repair and in full conformance with any and all express or implied
representations, promises, statements or warranties with respect to the
merchantability, suitability, or fitness for purpose of the leased property. If
LESSEE rejects the leased property for good cause, this Lease shall be null and
void. All loading and unloading charges at the delivery and return site shall be
the responsibility of the LESSEE.

         9. LESSEE, at its own expense, shall keep the leased property insured
for casualty risks required by LESSOR (no underground exclusion) in the amount
of $400,000.00, with carriers acceptable to LESSOR and a loss payable
endorsement in favor of LESSOR, and LESSEE shall further maintain liability
insurance in the amount of $1,000,000.00 naming LESSOR as an additional insured,
and all policies shall provide that they may not be cancelled or altered without
at least ten (10) days' prior written notice to LESSOR. LESSOR shall maintain
insurance coverage of the leased equipment until it is received by LESSEE at
point of delivery.

         10. LESSEE shall pay all taxes and fees connected

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with this Lease or the LESSEE's use of the leased property, including any use,
personal property, or sales taxes resulting therefrom.

         11. LESSEE shall indemnify LESSOR against all claims, actions,
proceedings, costs, damages and liabilities, including attorney's fees, arising
out of, connected with this Lease, or resulting from the use of the leased
property.

         12. This Lease shall be governed by and construed under the laws of the
State of Missouri.

         13. Without the prior written consent of the LESSOR, LESSEE shall not
assign, transfer, pledge or hypothecate this Lease, the leased property, or any
part thereof, or any interest therein, nor sublet or lend the property or any
part thereof, nor permit the leased property or any part thereof to be used by
anyone other than the LESSEE or LESSEE's employees.

         14. This instrument shall be binding upon and inure to the benefit of
the respective parties and their legal representatives, successors and assigns.

         IN WITNESS WHEREOF, this instrument was executed by the parties as of
the date above written.

AFFHOLDER, INC.                         A-Y-K-E PARTNERSHIP

By  /s/ Jerry Shaw                      By /s/ Robert W. Affholder
    ----------------------------           --------------------------
    Jerry Shaw, Vice President             Robert W. Affholder,
    "LESSEE"                               Partner
                                           "LESSOR"


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</DOCUMENT>
