MICHANIKI S.A. signed a contract for the: Construction of Peiros - Parapeiros Dam in Patras, amounting to 74,609,695 euros, that was tendered by the Greek Ministry of Public Works (YPEHODE / EYDE / OSYE). The project consists of a main water reservoir dam of maximum height of 75 meters and of total volume of 6.6 million cubic meters. Additionally, the project includes another smaller dam at the bottom outlet of the main dam. Michaniki S.A. will also install a steel pipeline of 10,250 meters for water transferring to the main dam. The steel pipes will be manufactured from the Hellenic Pipeworks S.A., a 100% MICHANIKI S.A. subsidiary company. According to the terms of the contract, the project will be completed by April 2009.