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$150 million MRO contract signed with Albian Sands Energy

Vancouver, BC -- Nov. 20, 2002 -- Finning International's Canadian operation has secured an equipment maintenance a...


Vancouver, BC — Nov. 20, 2002 — Finning International’s Canadian operation has secured an equipment maintenance and repair contract with Albian Sands Energy Inc. valued in excess of C$150 million.

The five-year contract covers a fleet of 23 Caterpillar 797 trucks and 28 pieces of new Caterpillar support equipment purchased earlier this year.

Commenting on the agreement, Ian Reid, president and chief operating officer for Finning (Canada), said, “Agreements of this nature are a key focus for Finning as we build an integrated approach for heavy equipment customers. This approach minimizes downtime and improves our customers’ efficiency as they push both capacity and productivity in the expanding and competitive oil sands market.”

Alberta has the largest oil sands resources in the world with approximately 300 billion barrels of oil expected to be ultimately recoverable. Billions of dollars worth of new investment for oil sands projects has been announced since 1996. If all planned investment proceeds, oil sands production could reach 2 million barrels per day over the next 10 years.

Albian Sands Energy Inc., a new company created by the Athabasca Oil Sands Project (AOSP), is constructing and will operate the Muskeg River Mine. The AOSP, a joint venture of Shell Canada, Chevron Canada Limited and Western Oil Sands Inc., is a multi-billion dollar mining, extraction and upgrading development which comprises two operating sites, the Muskeg River Mine and the Scotford Upgrader.

Finning International Inc. sells, rents, finances and provides customer support services for Caterpillar equipment and engines, and complementary equipment, in Western Canada, the U.K. and Chile.