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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Lee Fredrickson who wrote (23723)	6/9/1998 5:36:00 PM
From: david james	Read Replies (1) \| Respond to of 95453

Not bad for a company with a current market cap of $158 mill and a backlog of $250 mill. American Eco Joint Venture Receives Record Fabrication Contract of $162 Million TORONTO--(BUSINESS WIRE)--June 9, 1998--Michael E. McGinnis, Chairman, President & CEO of AMERICAN ECO CORPORATION (NASDAQ:ECGOF - news; TSE:ECX. - news) announced today that American Eco has received the largest fabrication order in its history- a US$162.0 million (Cdn $234.0 million) contract for its 51 percent joint venture with the Davie Industries subsidiary of Dominion Bridge. The contract is for fabrication and construction of two semi-submersible oil rigs. Fabrication of the two Amethyst oilrig platforms will begin in July at the Davie Shipyard, Quebec City and at American Eco's subsidiary MM Industra of Halifax, Nova Scotia. London Guarantee, the second largest bonding company in Canada, has provided US$64.5 million (Cdn $90.0 million) in performance bonds for the contracts. The two Amethysts are being built for Petrodrill Offshore Inc., a Bohemian Corporation owned jointly by Maritima Petroleo E Engineria Ltda. of Brazil and Pride International, Inc. of the United States are to be completed by the end of 1999. Commenting on the contract, Mr. McGinnis said: ''This is a perfect joint venture effort, in which both American Eco and Dominion Bridge realize efficient utilization of their Canadian based facilities. American Eco's financial strength is allowing it to leverage its expertise by participation in more of these types of joint projects.'' American Eco is a leading North American provider of single-source industrial support and specialty fabrication services in the energy, pulp and paper, and power generating industries. Contact: American Eco Corporation Bruce Tobecksen, 888/774-3246 888/774-3246 or American Eco Corporation Cindy Jackson, 888/774-3246 or VMW Inc., New York Sylvia Dresner, 212/605-3140 biz.yahoo.com