TORONTO, Aug. 13 /CNW/ - Aecon Group Inc. (TSX: ARE) today announced that
its wholly-owned subsidiary, Innovative Steam Technologies (IST), has been
awarded a contract to supply its Enhanced Oil Recovery (EOR)/Steam Assisted
Gravity Drainage (SAGD) system to Serrano Energy in Alberta.
Under the terms of the contract, IST will design and supply one
50mmBtu/hr Steam Assisted Gravity Drainage boiler for an enhanced oil recovery
application in Northern Alberta's oilsands. The unit enables the production of
1100 barrels of oil per day. The unit is scheduled to be delivered in March of
"We are very excited about this project award, which is IST's first
EOR/SAGD project in Alberta, and the first full-scale new build EOR unit,"
said Bob Dautovich, President of IST. "The EOR system is an important
strategic product for us and this sale highlights our ability to respond to
this significant and growing market."
IST will be working with Equinox Engineering Ltd. as the purchaser of
equipment and engineer on the project for delivery to Serrano Energy. The
units will be entirely fabricated in IST's Cambridge, Ontario location and
then transported to the Alberta site.
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