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Tuesday March 31, 10:00 am Eastern Time
Company Press Release
American Eco Ships a "First" for Gas Platform of a $30.4 Million Halifax Subsidiary Contract
HOUSTON, TEXAS--(BUSINESS WIRE)--March 31, 1998--American Eco Corpora(TSE:ECX. - news; NASDAQ:ECGOF - news; BERLIN:AEOGR) AMERICAN ECO CORPORATION announced that its Halifax, Nova Scotia subsidiary, MM Industra has shipped the first 2 Wellhead Jackets and Piles for the Sable Offshore Energy Project. MM Industra employees have worked around-the-clock since mid-August to fabricate the six-leg jacket for the Venture natural gas field and the four leg unit for the Thebaud field. Jackets are the steel 'legs' which support the drilling platform structures. The first part of a $30.4 million project, the jackets represent the first of their kind built in Nova Scotia.
More than 5,000 metric tonnes of steel with high strength properties were used to fabricate the jackets and piles which are the foundation the drive pipes used in drilling operations. MM Industra facilities hired more than 200 welders, fitters, riggers, carpenters, electricians, and crane operators, supported by more than a dozen sub-contractors, to meet the end of February schedule for delivery of the mammoth 64 meter jackets. The jackets were designed for the central offshore facility in the development of six natural gas fields near Sable Island. Drilling operations for the $3 billion project will begin in April.
Besim Halef, CEO of American Eco subsidiary, MM Industra, stated, ''This is the first time wellhead jackets have been produced in Nova Scotia requiring new high standards for our employees who were dedicated to produce top quality work.'' Mr. Halef, also outlined that MM Industra is beginning work on fabrication of the topsides (deck) for the North Triumph platform, and the three Sable contracts for fabrication of high pressure gas production separators and towers used in gas processing.
American Eco is a leading North American provider of single-source construction, management, maintenance, specialty fabrication, engineering and environmental remediation services in the refining, petrochemical, utility, forest products and offshore manufacturing industries.
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