Skip to main content

IST awarded two contracts totalling $46 million

Mar 4, 2011

Toronto, Ontario – March 4, 2011: Aecon Group Inc. (TSX: ARE) announced today that its wholly owned subsidiary Innovative Steam Technologies (IST), has been awarded two international contracts totalling $46 million to supply its Once Through Steam Generators (OTSG), and its Enhanced Oil Recovery (EOR) technology.

In the first contract, IST will design and supply 12 units for Wood Group GTS as part of the Dorad Energy 800 MW Combined Cycle Plant located near Ashkelon, Israel.  This is the largest single design and supply project to date for IST.  The power plant in Israel is expected to be the country’s largest privately owned power plant.

The IST units will be used in combined cycle to recover waste heat from new gas turbines and supply superheated steam to two steam turbine generators.  This is the second project for IST in Israel; there are currently two units in operation less than a kilometre from the planned site. The units are scheduled for delivery between late 2011 and early 2012.

In the second contract, IST will design and supply an OTSG for an EOR application that will be located in Lake Maracaibo, Venezuela.  The unit has been purchased by Premier Energy Service and will be owned and operated by Petróleos de Venezuela South America (PDVSA).  This is IST’s fourth EOR contract for PDVSA. The unit is scheduled for delivery in the spring of 2011.

To date, IST has sold 174 units in 19 countries worldwide.

“Our technology has brought us international recognition in the energy and heavy oil markets,” said Bob Dautovich, President, Innovative Steam Technologies.  “We are sure our unique approach to helping clients reduce their carbon footprint will continue to expand our list of international customers.”

Innovative Steam Technologies is a world leader in the design and fabrication of Once-Through Steam Generators and is a wholly owned subsidiary 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 Best Employers in Canada as published by Maclean’s Magazine.