STOCKHOLM, Sweden - Atlas Copco has announced it will deliver 20 drill rigs this year for construction and grouting work at Karoon III dam in Iran. The company considers the transaction "groundbreaking" and said it will serve as a catalyst for further business opportunities for other company divisions.

The dam project has an estimated cost of $150 million, and it is expected to take six years to build. The power station, when complete, will be the largest in Iran. Although the dam's primary purpose is to produce electricity, it will also incorporate an irrigation system to support agriculture in the northeastern part of the country.