American Eco Awarded 2nd $13.0 million Offshore Contract
in J/V with Brown & Root
HOUSTON, TEXAS--
Michael E. McGinnis, President of American Eco Corporation
announced that its wholly owned subsidiary, MM Industra Ltd. of
Dartmouth, Nova Scotia, Canada in conjunction with its joint
venture partner, Brown & Root Energy Services, has been
awarded a second contract for CDN $13.0 million, for the
fabrication of the North Triumph platform topsides, on the Sable
Offshore Energy Project ("SOEP").
The Sable Offshore Energy Project valued at some $3.0 billion will
develop the significant gas reserves located 200 miles off the
Nova Scotia Mainland. The contracts awarded since April 29th for
this project to American Eco / Brown & Root, amount to $26.0
million. It is expected that an SOEP decision to move forward
with an expansion of the project involving fabrication and
commissioning assistance of the North Triumph deck and ventboom,
will be made in October.
Besim Halef, President of American Eco subsidiary, MM Industra,
stated, "We are on a tight timeline in a series of milestones to
reach production of natural gas from Nova Scotia's offshore shelf
by November of 1999. The SOEP partners have been very conscious
of taking advantage of the logistics, technologies and job skills
available at our Nova Scotia fabrication facilities for this
important energy project."
Brown & Root Energy Services is a division of the Halliburton
Company. MM Industra is a wholly owned subsidiary of American Eco
Corporation.
American Eco is a leading North American provider of single source
construction, engineering, management, maintenance, and
environmental remediation services in the refining, petrochemical,
utility, and forest products industries.
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FOR FURTHER INFORMATION PLEASE CONTACT:
American Eco Corporation - Houston, Texas
David Norris
Senior Vice-President & CFO
(888) 774-3246
or
American Eco Corporation - Houston, Texas
Cindy Jackson
Director of Investor Relations
(888) 774-3246 |
