PMEG Continues working with Termoselva, Peru

ATLANTA (May 12, 2006) - The PIC-Marubeni Energy Group (PMEG), a leading provider of third-party O&M services to the energy industry, announced today that it [PMEG] has commenced a Compressor upgrade and C-major maintenance on Unit 2 of the Termoselva Gas & Power Project located in Peru.

Since 2003, PMEG has been performing Operations & Major Maintenance Services in accordance with its three-year contract. This contract has since been extended for an additional two years.

During this Agreement, PIC has successfully performed more than 17 Minor Inspections, Five Major Maintenance Inspections, and a Compressor upgrade on Unit 1. The facility consists of Two Alstom GT11nm Gas Turbines in Simple Cycle in Peru.

Tom Paul, President of PIC-MARUBENI Energy Group, said “PMEG’s O&M philosophies are centered on providing cost effective O&M solutions to owners while aligning the contract structure to provide shared risk and benefits to the owner and PMEG. Our extensive experience on the Alstom equipment, technical expertise, and local presence were instrumental in this recent contract extension and we hold our ongoing relationship with Termoselva in the highest regard.”

PIC-Marubeni Energy Group (PMEG), a subsidiary of The PIC Companies, is headquartered in Marietta (Atlanta), Georgia. PMEG provides full third-party O&M services worldwide, with asset management experience in seven countries and on more than 4,500 MW’s of contracted O&M services that encompass 26 sites, 56 Gas Turbines, and 46 Reciprocating Engines.

The company has also supported 84 client projects in 18 countries with installation, commissioning, initial operations, and/or maintenance of coal-fired power plants and thermal power plants totaling approximately 33,000 MW.

The PIC Companies, headquartered in Marietta (Atlanta), Georgia and established in 1988, is a leader in providing global service solutions to the energy industry. Offering full third-party O&M and outage services, turnkey commissioning, startup, and complete staffing solutions for all aspects of project development and execution. From concept to execution, from petrochemical & refining to power generation, PIC provides value added services with a focus on quality, safety and optimum results.

With more than 4,500 projects executed worldwide in more than 75 countries, PIC offers global service solutions to your domestic and international projects. PIC serves its customers from its corporate office in Atlanta, Georgia as well as Houston, Texas; Zurich, Switzerland; Kuala Lumpur, Malaysia; Buenos Aires, Argentina; Rio de Janeiro, Brazil; Mexico City, Mexico; and Beirut, Lebanon.