Thursday May 14, 10:48 am Eastern Time
Company Press Release
Dominion Bridge Secures $40.0 million Bonding for Amethyst II Drill Platform
MONTREAL--(BUSINESS WIRE)--May 14, 1998--Dominion Bridge Corp(VSE:DMO.U. - news; NASDAQ:DBCO - news) Allen S. Gerrard, Chairman of
DOMINION BRIDGE CORPORATION announced that London Guarantee has approved a Cdn$40.0 million Performance Bond for Davie Industries, Quebec
City subsidiary of Dominion Bridge, for a construction contract on the Amethyst II Drill Rig Platform. The Guarantee Bond was required to secure the Cdn$100.0
million fabrication contract from Petrodrill of Brazil.
''London Guarantee has agreed to support the Amethyst project with the backing of American Eco as a joint venture partner with Dominion Bridge.'' Mr. Gerrard,
Chairman of Dominion Bridge, stated, ''Although the project is subject to financing, Dominion Bridge's Davie shipyards expects it can now start moving to secure
additional drill rig projects and get our labour force back to work producing revenues for our shareholders.''
Dominion Bridge, established in 1879, is active in the international engineering and infrastructure markets. Dominion Bridge Corporation's subsidiaries are Dominion
Bridge, Inc., Steen Becker, Inc., Davie Industries and McConnell Dowell Corporation of Australia.
Contact:
Dominion Bridge Corporation
Derek Tennant, 416/340-7507
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