11:10 AM EST - Foraco International SA : (CORRECTS ERROR AS TO STOCK SYMBOL AND PRICE)
Announced it has been awarded a major contract with Rio Tinto Iron Ore. This contract is for water related drilling services in the Pilbara region, involving both monitoring wells, dewatering wells and vibrating wire piezometers digital networks installation, mostly with flooded reverse circulation rigs and is signed for two years firm plus three optional years extension. It will involve a total of four rigs and a VWP grout unit, including our new proprietary generation of BF800, the NGBF, a 60T pull remotely operated rig which will bring our large diameter drilling capacity to the next step in term of intrinsic safety and capabilities. The contract has a total face value of AUD 111 million, or US $74 million, including options. Foraco International SA
shares T.FAR are trading up $0.07 at $1.95.
