MAY 8, 1998
American Eco Secures $65.0 million Gas Pipeline Contract
Through Joint Venture
HOUSTON, TEXAS--Michael E. McGinnis, Chairman, President & CEO of
AMERICAN ECO CORPORATION announced the receipt of a Cdn$65.0
million gas pipeline construction contract from TransCanada
PipeLines Limited of Calgary, Alberta. The contract is for 54
miles of 42" high-pressure pipe for the southern and eastern
Ontario region. American Eco is a 51 percent joint venture
partner with the Steen Contractors Limited subsidiary of Dominion
Bridge Corporation, Deere Park Capital Management, L.L.C. and
Deere Park Capital Management, Inc. American Eco, a 6.7 percent
shareholder of Dominion Bridge, indicated that it is providing
bonding and fabrication for the project.
"We are pleased that the financial strength of American Eco has
enabled us to secure this gas pipeline order for the benefit of
the joint venture companies," Mr. McGinnis, stated. "The
companies view this contract as a prototype for future cooperative
efforts."
American Eco is a leading North American provider of single-source
construction, management, maintenance, specialty fabrication, and
engineering services in the refining, petrochemical, utility,
forest products and offshore manufacturing industries.
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