- Largest single contract award to date -
TORONTO, July 8 /CNW/ - Aecon Group Inc. (TSX: ARE) today announced that
its wholly-owned subsidiary, Innovative Steam Technologies (IST), has been
awarded a contract totalling over $33 million to supply its Once-Through Steam
Generator (OTSG) units to Sherritt Power in Boca de Jarunco, Cuba.
Under the contract, IST will supply five OTSGs to Sherritt Power for the
Energas Boca de Jarunco Combined Cycle Project. The OTSGs are designed to
recover waste exhaust heat from five 35 mega watt gas turbines. The gas
turbines are currently installed and operating at the Energas power plant.
With the addition of the energy from the OTSGs, the output of the plant will
increase by 150 mega watts, bringing the plant's total output capacity to
approximately 320 mega watts.
IST began the design and production of the units for this project in May
2008, and they are scheduled for delivery in stages between May and July 2009.
The new contract brings IST's backlog to $74 million, a new high for the
"This project with Sherritt Power is extremely exciting for IST on more
than one level," said Bob Dautovich, President of IST. "Not only is this our
first project in Cuba, marking our entry into an additional international
market, but the project is also the largest single contract award to date for
Innovative Steam Technologies is the world leader in the design and
fabrication of once-through-steam-generators and is a wholly owned division of
Aecon Group Inc.
Aecon Group Inc. is Canada's largest publicly traded construction and
infrastructure development company. Aecon and its subsidiaries provide
services to private and public sector clients throughout Canada and
internationally. Aecon is pleased to be recognized as one of the 50 Best
Employers in Canada as published by Report on Business Magazine.
The information in this news release includes certain forward-looking
statements. These statements are based upon assumptions that are subject to
significant risks and uncertainties which are discussed in greater detail in
the section entitled "Risk Factors and Uncertainties" in Management's
Discussion and Analysis of operating results and Financial Condition for the
year ended December 31, 2007 filed on SEDAR at www.sedar.com. Although Aecon
believes that the expectations reflected in forward-looking statements are
reasonable, it can give no assurance that the expectations of any
forward-looking statements will prove to be correct.
For further information:
For further information: Mitch Patten, Vice President, Corporate
Affairs, Aecon Group Inc., (416) 297-2615, email@example.com, www.aecon.com