EDC provides $4.2 million in bank guarantees for International Electric Rigs

    OTTAWA, June 8 /CNW Telbec/ - Export Development Canada (EDC) today
announced that it has guaranteed up to $4.275 million in private-sector
financing for International Electric Rigs (IER), an Edmonton-based supplier of
electrical power equipment and machinery for the oil and gas industry.
    "EDC's ability to bring guarantees to the private sector to keep credit
flowing is an important part of its domestic approach, and companies like
International Electric Rigs are a great example of solid transactions where a
little of our help made the difference," said Stephen Poloz, Senior
Vice-President, Financing Group, EDC.
    EDC's guarantee for IER will facilitate domestic private sector financing
in support of international contracts.
    "EDC has been great to us, supporting our export projects and allowing us
to grow in the oil drilling business," said Ramiz Zakaria, President,
International Electric Rigs Ltd.
    In 2008, EDC provided more than $13.6 billion in financial solutions to
the oil and gas sector. In 2009, EDC has undertaken more than $2.5 billion in
commercial transactions for the sector to date.

    International Electric Rigs LTD is a Canadian-based company created in
1996 in Edmonton, Alberta, specializing in the design and manufacturing of
electrical power equipment and mechanical equipment for oil field drilling
rigs. The company manufactures equipment such as SCR drive systems with
engines and generator power package, SCR drive system with PLC control,
complete mud tank systems, rig up power generator house / annunciators /
junction boxes / start-stop units and other rig equipment. Most of our
products are designed and manufactured in-house at our Edmonton facility.

    EDC is Canada's export credit agency, offering innovative commercial
solutions to help Canadian exporters and investors expand their international
business. EDC's knowledge and partnerships are used by more than 8,300
Canadian companies and their global customers in up to 200 markets worldwide
each year. EDC is financially self-sustaining, a recognized leader in
financial reporting and economic analysis, and has been recognized as one of
Canada's Top 100 Employers for eight consecutive years.

For further information:

For further information: Phil Taylor, Export Development Canada, (613)
598-2904, Blackberry: ptaylor@edc.ca

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