The PIC Companies Awarded 510MW Combined Cycle Operations and Maintenance Contract

ATLANTA (Oct. 4, 2002) - The PIC Companies O&M Division was recently awarded a contract to operate and maintain a 510MW Combined Cycle facility located in Arkansas. The facility consists of six (6) General Electric LM6000’s and one (1) General Electric Frame 7EA all operating in combined cycle. This is a peaking facility that has been in operation since July 2002. With the addition of this O&M contract, PIC now operates with fourteen (14) General Electric LM gas turbines including twelve (12) LM6000s, five (5) Frame 7FA, five (5) Frame 7EA units as well as other gas turbine and thermal technologies including Siemens/Westinghouse, Caterpillar, Solar, ABB-Alstom and Pratt & Whitney. The continuous growth and market confidence in PIC’s O&M Division clearly identifies PIC as a leader in 3rd party power plant operations.

Sergio A. PICón, President of The PIC Companies, said “PIC strives to align itself with its customer’s needs, understanding the financial drivers and tying our reward to key performance metrics. Through PIC’s commitment to Excellence in Execution and proven programs and procedures our facilities have achieved a four year average availability of 98.14%, a dispatch and peak season availability of 99.23%, truly making PIC an extension of our customer.”

The PIC Companies, headquartered in Marietta (Atlanta), Georgia, and established in 1988, is a leading and global Operations and Maintenance Company providing program-managed solutions supporting more than 3,700 contracted MW of generation; solutions include 17 years experience in turnkey commissioning, startup, maintenance program development/implementation, operation procedures, construction services, facility audit and inspection services, and outage/turnaround execution as well as complete staffing solutions for all aspects of project development and execution. From petrochemical and refining, paper and industrial facilities to power generation, from concept to execution, PIC provides value-added services with a focus on quality, safety and optimum results. With over 4,500 projects executed worldwide in over 75 countries, PIC offers global service solutions for a wide range of domestic and international projects. PIC serves its customers from its corporate office in Atlanta, Georgia, and supporting office in Houston, Texas; Regional offices in Zurich, Switzerland; Kuala Lumpur, Malaysia; Buenos Aires, Argentina; Rio de Janeiro, Brasil; Caracas, Venezuela; and Abu Dhabi, United Arab Emirates.