(OTTAWA) - June 8, 2009 - Export Development Canada (EDC) today announced that it has guaranteed up to $4.275 million in private-sector financing for International Electric Rigs (IER), an Edmonton-based supplier of electrical power equipment and machinery for the oil and gas industry.
"EDC's ability to bring guarantees to the private sector to keep credit flowing is an important part of its domestic approach, and companies like International Electric Rigs are a great example of solid transactions where a little of our help made the difference," said Stephen Poloz, Senior Vice-President, Financing Group, EDC.
EDC's guarantee for IER will facilitate domestic private sector financing in support of international contracts.
"EDC has been great to us, supporting our export projects and allowing us to grow in the oil drilling business," said Ramiz Zakaria, President, International Electric Rigs Ltd.
In 2008, EDC provided more than $13.6 billion in financial solutions to the oil and gas sector. In 2009, EDC has undertaken more than $2.5 billion in commercial transactions for the sector to date.
International Electric Rigs LTD is a Canadian-based company created in 1996 in Edmonton, Alberta, specializing in the design and manufacturing of electrical power equipment and mechanical equipment for oil field drilling rigs. The company manufactures equipment such as SCR drive systems with engines and generator power package, SCR drive system with PLC control, complete mud tank systems, rig up power generator house / annunciators / junction boxes / start-stop units and other rig equipment. Most of our products are designed and manufactured in-house at our Edmonton facility.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
