PIC Awarded Centerline Installation Contract for a New Siemens/Westinghouse 501F Combined-Cycle Plant in Puerto Rico

ATLANTA (Nov. 17, 2006) - The PIC Companies is pleased to announce the successful award and mobilization of a centerline installation contract for a combined cycle plant near San Juan, Puerto Rico. The project includes the installation of two Siemens/Westinghouse 501 F Gas Turbines and two 70-MW Ansaldo Steam Turbines.

The plant will provide in excess of 500 MW of electric power for the Puerto Rico Electric Power Authority (PREPA.) This project is one of the few large generation projects in the northern half of Puerto Rico, in which most of the electric power demand exists. It will greatly reduce the need to import power over the transmission network from the southern regions.

PIC is providing the technical direction, supervision, craft labor, tools and equipment. Mobilization for this project began on June 1, 2006. PIC currently has a construction staff of more than 100 men on-site including Technical Advisors, Supervisors, Project Manager, Quality and Safety Directors, and Craftsmen. PIC expects to complete the centerline installation work by February 2007. The plant is scheduled to begin producing power in May 2007.

“PIC brings its Turbine Services programs and proven execution experience to the project and is proud to have been awarded this highly competitive tender. We are confident that our O&M philosophies, processes and tools will be instrumental in the success of this facility and we will support Puerto Rico Electric Power Authority with its growth plans for the future,rdquo; stated James R. Flandreau, Chairman of The PIC Companies.

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; and Mexico City, Mexico.