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                                                                   EXHIBIT 10.29
                                 AQUA-CHEM, INC.
                             7800 North 113th Street
                               Milwaukee, WI 53224


                                November 12, 1999


Mr. Robert D. Endacott
1352 Shire Circle
Inverness, IL 60067


Dear Bob,

         At the outset, the Aqua-Chem Board of Directors has requested that I
convey to you its appreciation for all of the valuable contributions that you
have made to the Company over the past several years. Aqua-Chem's decision to
terminate the services that you have been providing to Aqua-Chem as Vice
Chairman and an employee and the consulting services that CMR Partners has been
providing to Aqua-Chem is not caused by any dissatisfaction with such services
but, rather, is the result of other changes within the Company eliminating the
need for the services.

         The balance of this letter will confirm the arrangements that we have
discussed in connection with the termination of services. If you are in
agreement with the arrangements set forth herein, please so indicate by signing
and returning the enclosed copy of this letter and the attached General Release.
The agreed upon arrangements are as follows:

         -     You hereby resign, effective immediately, as an employee and Vice
               Chairman of Aqua-Chem, Inc.

         -     You and Aqua-Chem, Inc. hereby agree that, except for obligations
               not to compete and to maintain confidentiality, the Agreement
               among Aqua-Chem, Inc., CMR Partners and you entered into as of
               June 1, 1999 and signed on August 23, 1999 as it relates to your
               employment is hereby terminated.

         -     CMR Partners and Aqua-Chem, Inc. hereby agree that, except for
               the obligations of the parties under sections 4.2, 6.1, 6.2 and
               6.3 which shall continue in force, the Agreement between
               Aqua-Chem, Inc. dated September 26, 1997 as subsequently amended
               on February 18, 1998, November 13, 1998 and as of June 1, 1999
               (the "Agreement") is hereby terminated and, except for the
               aforementioned obligations, Aqua-Chem and CMR Partners hereby
               forever release and discharge each other and their respective
               past, present and future officers, directors agents, employees,
               attorneys, shareholders, employee benefit plans, divisions,
               parent corporations, subsidiary corporations, affiliates,
               successors and assigns from any and all liabilities, claims or
               obligations arising under or in any way relating to the
               Agreement.

         -     Aqua-Chem, Inc. shall continue your normal salary payments (at
               the rate of $13,500 per month less withholding required by law)
               through the period ending November 30, 1999.

         -     Provided that you execute and return a copy of this letter and
               the enclosed General Release and do not revoke the General
               Release as described therein, on January 1, 2000, Aqua-Chem shall
               pursuant to the terms of the General Release pay you One Hundred
               Thousand Dollars ($100,000.00) less withholding required by law.


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         -     The non-compete provisions referred to above shall not preclude
               you from providing services to Indek Power, Inc. with respect to
               a possible transaction with Aqua-Chem.

         -     You may retain the Aqua-Chem lap top computer presently in your
               possession and by signing and returning this letter confirm that
               you have destroyed all files on the computer containing
               information relating to Aqua-Chem.



                  If you are in agreement with the preceding, please so indicate
         by signing and returning the enclosed copy of this letter.


                                              Aqua-Chem, Inc.


                                              By: /s/ David M. Tenniswood
                                                 ----------------------------




             Agreed to and accepted this 19th day of November, 1999.


                                               /s/ Robert  D. Endacott
                                              --------------------------------
                                              Robert D. Endacott, Individually



                                              CMR Partners

                                              By: /s/ Robert D. Endacott
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