H2O Innovation Inc. (TSXV:HEO), a Quebec-based water pollution equipment company, announces the definitive cancellation of a contract it had received in October 2008 from Petro-Canada Oil Sands Inc. for the Fort Hills Energy L.P. oilsands project.
The contract, worth about $9.4 million, had previously been deferred in November 2008.
Petro-Canada was taken over by Suncor Energy (TSX:SU) last summer, creating Canada's largest oil and gas company.
H2O Innovation said Monday it's currently negotiating the terms of the cancellation and the compensation payable to the company as a result of the cancellation.
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The company, with about 100 employees, makes water treatment equipment and specialty chemicals for membrane filtration systems. The systems are used to clean up wastewater produced in the municipal, commercial, industrial, oil & gas, mining, and energy sectors.