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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11177)	6/11/1998 3:51:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Dominion Bridge Starts Construction of $234.0 million of Semi-submersibles DOMINION BRIDGE CORPORATION VSE SYMBOL: DMO.U NASDAQ SYMBOL: DBCO JUNE 10, 1998 MONTREAL, QUEBEC--Allen S. Gerrard, Chairman of DOMINION BRIDGE CORPORATION announced that Davie Industries, subsidiary of Dominion Bridge Corporation, has received in escrow a mobilization payment of Cdn$23.0 million against the start of construction of a Cdn$234.0 million contract for two Amethyst semi-submersible oilrig platforms. The two Amethyst oilrig platforms are being fabricated for Petrodrill Offshore Inc., a Bohemian Company owned jointly by Maritima Petroleo E Engineria Ltda. of Brazil, and Pride International, Inc. of the United States. London Guarantee with the support of American Eco Corporation of Toronto, has placed Cdn$90.0 million of Performance Bonds for Davie Industries, Quebec City subsidiary of Dominion Bridge, in order to commence fabrication. "Now that the performance bond is issued, the release of funds from escrow to secure jobs for the Dominion Bridge, Quebec City subsidiary is expected to be completed by the end of June with the support of Societe de Development Industriel du Quebec, and the Canadian Export Development Corporation." Mr. Gerrard, Chairman of Dominion Bridge, stated, "Dominion Bridge's Davie shipyards 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.

To: Herb Duncan who wrote (11177)	6/11/1998 3:58:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / American Eco Joint Venture Receives Record Fabrication Contract of $162 Million AMERICAN ECO CORPORATION NASDAQ SYMBOL: ECGOF TSE SYMBOL: ECX JUNE 9, 1998 TORONTO, ONTARIO--Michael E. McGinnis, Chairman, President & CEO of AMERICAN ECO CORPORATION 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.