~New awards bring total project value announced since September to more than $600 million~
TORONTO, Nov. 3, 2011 /CNW/ - Aecon Group Inc. (TSX: ARE) announced
today that it has been awarded four new contracts totaling $75 million
for work with three different clients, Suncor Energy, the Calgary
International Airport, and the Federal Bridge Corporation. These
awards bring the total value of new projects announced by Aecon since
September to over $600 million.
The first contract, awarded to Aecon subsidiary Canonbie Contracting, is
a cost reimbursable contract with Suncor Energy to construct a metering
station at its Firebag in situ facility north of Fort McMurray,
Alberta. Work on the new station, needed to transfer hot bitumen from
Suncor's Firebag facility to the company's upgrading complex, will
begin immediately, and is scheduled for completion in the summer of
Two contracts were also awarded to Tristar, a subsidiary within Aecon's
Utilities Division, in a joint venture with Black & McDonald, for work
at the Calgary International Airport. Work under the fixed price
contract includes the installation of electrical upgrades throughout
the airfield, including runway lighting, apron lighting, and the
aircraft detection system, as well as the airport's lighting control
and monitoring system. Tristar's work at the airport is now underway
and is scheduled to be completed in the spring of 2013.
In addition, Aecon's ACML Division was awarded a contract with Federal
Bridge Corporation Limited to build two new bridges between Cornwall
and Cornwall Island, as well as a pedestrian bridge over the Cornwall
Canal. Work on the project includes grading, granular base, hot-mix
paving, electrical, drainage work as well as sanitary, and watermain
reconstruction. Construction on the fixed price contract begins
immediately and is scheduled for completion by October 2013.
"We are pleased to build on our longstanding relationship with Suncor
through the construction of their new metering station," said Teri
McKibbon, Aecon's Chief Operating Officer. "The Calgary Airport
contracts will showcase Tristar as a leader in the installation of
airport electrical systems. Also, as one of Ontario's leading road and
bridge builders for over fifty years, the Cornwall bridge project fits
well with our core capabilities. We look forward to working with all
our clients on these important projects."
Aecon Group Inc. is one of Canada's largest and most diverse
construction and infrastructure development companies. Aecon and its
subsidiaries provide services to private and public sector clients
throughout Canada and on a selected basis internationally. Aecon is
pleased to be recognized as one of the Best Employers in Canada.
The information in this press release includes certain forward-looking
statements. These "forward-looking" statements are based on currently
available competitive, financial and economic data and operating plans
but are subject to risks and uncertainties. In addition to general
global events outside Aecon's control, there are factors which could
cause actual results, performance or achievements to vary from those
expressed or inferred herein including risks associated with an
investment in the common shares of Aecon and the risks related to
Aecon's business, including Large Project Risk and Contractual Factors.
Risk factors are discussed in greater detail in the section on "Risk
Factors" in the Annual Information Form filed on March 30, 2011 and
available at www.sedar.com. Forward-looking statements include information concerning possible or
assumed future results of operations or financial position of Aecon, as
well as statements preceded by, followed by, or that include the words
"believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should" or similar expressions. Important factors, in
addition to those discussed in this document, could affect the future
results of Aecon and could cause those results to differ materially
from those expressed in any forward-looking statements.
SOURCE Aecon Group Inc.
For further information:
Senior Vice President,
Aecon Group Inc.