22.12.03

22.12.2003: Meldung: Aecon awarded $108 million contract

Aecon Group Inc. today announced that its Quebec division, Groupe Aecon Ltée, has been awarded a $108 million contract by the James Bay Energy Corporation to build a power plant on the Eastmain River in Northern Québec.Under the terms of the contract, Groupe Aecon Ltée will build a 480 megawatt hydro-electric plant, construct a power intake structure, and assemble three horizontal penstocks which lead the flow of water to the generators. This project is part of the La Grande hydroelectric complex in the James Bay region, which is considered one of the largest of its kind in the world. Construction, which is slated to begin March 2004 and be completed by December 2005, will be delivered with the participation of Aecon"s anchor shareholder, Hochtief AG.
"We are very pleased to be awarded this latest landmark project which recognizes Aecon"s expertise and experience in this type of construction," said John M. Beck, Chairman and CEO, Aecon Group Inc. "This award will further solidify our position in the Quebec market and build on our long history in the province."
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 internationally.
The information in this news release includes certain forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Although Aecon believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct.

For more information:

Mitch Patten
Vice President, Corporate Affairs
Aecon Group Inc.
416-754-8735
aecon@aecon.com
www.aecon.com
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