Turboatom Wins New Orders Totaling Over USD 55 mln

Turboatom (TATM: U/R) boosted its order book with three announcements in the last two days. Yesterday media sources reported that the company won a tender to modernize a turbine at power unit #2 of the Zuiv thermoelectric power station (Vostokenergo generation company); the contract is expected to have a total value of USD 14.4 mln. On Monday the company made two announcements, both involved cooperation with the Russian company Power Machines. Turboatom and Power Machines will deliver equipment to a Mexican hydroelectric power plant for USD 35.5 mln, and to two Chinese hydroelectric power stations for USD 30 mln. Inna Perepelytsya: The last two days showed that the company’s management was serious about delivering on their promises made at the beginning of the month to pad Turboatom’s order book to not less than USD 85.1 mln in 2007 and to USD 185.8 mln in 2008. The visit by Power Machines’ CEO in June is beginning to bear fruit, and we do not believe these are the only joint projects in the works.