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IST awarded two contracts totaling more than $14 million

Jun 3, 2009

Toronto, Ontario – June 3, 2009: Aecon Group Inc. (“Aecon”) (TSX:ARE) announced today that its wholly-owned subsidiary Innovative Steam Technologies (IST), has been awarded two contracts valued at over $14 million to supply Once-Through Steam Generator (OTSG) units to Altek Alarko Elektrik in Turkey and STC Spa in Italy.

Under the terms of the first contract, IST will design and supply two OTSG units to Altek Alarko Elektrik, an energy generation company in Kirklarelli, Turkey, near the Bulgarian border. The two OTSGs will recover waste heat from two 27MW gas turbines at the Kirklarelli plant. The units are scheduled for an October 2009 delivery. 

“Altek Alarko Elektrik is a repeat customer for IST.  They now possess four OTSGs,” said Bob Dautovich, President of IST.  “The high standard and quality IST offers in every unit we manufacture is proven through such repeat business.”

Under the terms of the second contract, IST will design and supply two OTSG units to STC Spa, a power developer based in Italy.  The units will recover waste heat from two 48MW LM6000 gas turbines at the Tamarete Combined Cycle plant located in Ortona, Italy. These two units are IST’s third and fourth units in Italy.  The OTSGs are scheduled for a December 2009 delivery.

"These contracts brings IST's total sale of OTSG units to 145 units in 18 countries and six continents," said Bob Dautovich. "OTSG technology improves the efficiency of its customers' power plants and is better for the environment in comparison to many power generation sources.  IST’s product advantages are driving sales of these units."

Innovative Steam Technologies is the world leader in the design and fabrication of Once-Through Steam Generators and is a wholly owned division of Aecon Group Inc. 

Aecon Group Inc. is Canada’s largest, publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the 10 Best Employers in Canada as published by Report on Business Magazine, as well as one of the Top 100 Employers in Canada as published in Maclean’s Magazine.