Pennecon Limited applauds the signing of Hebron agreement

August 20, 2008, St. John’s, NL - Ches Penney, Chairman of the Board of Pennecon Limited, today applauded all players in the signing of the Hebron-Ben Nevis offshore development agreement.

“The Government of Newfoundland and Labrador, Chevron Canada, ExxonMobil Canada, Petro-Canada and StatoilHydro Canada are to be commended for working cooperatively and diligently to reach the historical agreement signed today,” said Penney. “This is an exciting and significant day for our province and our growing offshore oil and gas industry, in which Pennecon Limited is proud to be a major player.”

Penney said moving the Hebron project forward will not only mean a substantive boost to the local supply and service sector, it will create significant employment for our highly skilled and professional Newfoundlanders and Labradorians through extensive engineering work and construction activity.

“The Hebron project agreement signed today, which includes an equity position for the province, is the beginning of a new era in our offshore oil and gas sector and for the future development of our natural resources,” noted Penney. “Today should be a proud day for all Newfoundlanders and Labradorians. Indeed, Pennecon is pleased to be part of our province’s oil and gas industry during this exciting time. We look forward to supporting the development of the Hebron project through our diverse service offerings.”

Pennecon Limited was established over 30 years ago. Headquartered in Newfoundland and Labrador, it has grown into to a multi-disciplined organization, providing services under its four divisions – Energy, Heavy Civil, Concrete, and Real Estate. Pennecon’s diversified structure includes projects in British Columbia, Alberta, Manitoba, Nova Scotia and Newfoundland and Labrador.

The Hebron project will mark the fourth major oilfield development off Newfoundland’s coast.