Lockerbie & Hole Announces Project Delay



    TSX: LH

    EDMONTON, Oct. 24 /CNW/ - Lockerbie & Hole Inc. (the "Company" or
"Lockerbie") has been informed by Suncor Energy Services Inc. ("Suncor") that
its $250 million construction program on Suncor's Voyageur Upgrader expansion
has been delayed by approximately twelve months. This delay will defer
approximately $120 million in revenue until calendar 2010 when the project is
expected to resume construction. The Company's remaining projects with Suncor
at the Steepbank Extraction Plant and Firebag sites are proceeding as planned.

    About Lockerbie

    Lockerbie was founded in 1898 and is one of the largest mechanical
construction contractors in Canada. Lockerbie is a multi-disciplined
contractor providing mechanical, electrical, instrumentation, pipe
fabrication, module assembly, boiler erection, insulation and civil
construction services primarily to the oilsands, mining, institutional,
municipal and commercial market sectors. Lockerbie is headquartered in
Edmonton, Alberta.

    Forward Looking Statements

    This press release contains statements concerning Lockerbie's outlook and
expectations regarding the timing of and continuation of its projects with
Suncor, the revenues from the Voyageur Upgrader Expansion project and the
timing of receiving such revenues. Such forward-looking statements or
information are based on a number of assumptions which may prove to be
incorrect. Assumptions have been made regarding, among other things the
general economic, business and market conditions. Although Lockerbie believes
that the expectations reflected in such forward-looking statements or
information are reasonable, undue reliance should not be placed on
forward-looking statements because Lockerbie can give no assurance that such
expectations will prove to be correct. The forward-looking statements are
based on Lockerbie's current expectations, estimates and projections, and are
subject to a number of significant risks and uncertainties that could cause
actual results to differ materially from those anticipated. Such risks and
uncertainties include, among others, oil and gas prices, the further delay or
cancellation of any Suncor projects, general economic, business and market
conditions and other risks as are detailed from time to time in continuous
disclosure filings of Lockerbie. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary materially
from those described herein as anticipated, believed, estimated or expected.
These forward-looking statements are made as of the date of this press
release, and Lockerbie assumes no obligation to update or revise them to
reflect new events or circumstances, except as required by applicable laws.

    %SEDAR: 00025533E




For further information:

For further information: Gordon L. Panas, President & Chief Executive
Officer, or Michael G. Slapman, Chief Financial Officer at: Telephone: (780)
452-1250, Fax: (780) 452-1284, Website: www.lockerbiehole.com

Organization Profile

LOCKERBIE & HOLE INC.

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