NISKU, AB, May 9, 2017 /CNW/ - Hyduke Energy Services Inc. ("Hyduke" or the "Company") announced today that it has entered into a definitive construction contract with AltaGas Ltd. ("AltaGas") to provide steel fabrication and construction services for the assembly and completion of the 95,000 cubic metre propane storage tank for AltaGas' Ridley Island Propane Export Terminal, located on Ridley Island, near Prince Rupert, B.C. (the "Project.")
"We are excited to have been awarded this contract and look forward to developing a long-standing relationship with AltaGas for current and future endeavors," said Pat Ross, Chief Executive Officer of the Company.
Under the terms of the contract Hyduke will provide supervision, labour, welding and equipment necessary for completion of the tank project.
Hyduke's involvement in the Project supports the Company's growth strategy to expand its engineering and fabrication services beyond its legacy business of drilling and well servicing equipment.
The recently announced acquisitions of Western Manufacturing Ltd. of Hythe, Alberta and Avalanche Metal Industries Ltd. of Kelowna, B.C. are consistent with Hyduke's strategy to diversify the Company's capabilities across Western Canada.
Trading on the TSX under the symbol "HYD," Hyduke Energy Services Inc. is a supplier of equipment and services to the oil and gas drilling and well servicing industry.
Forward looking information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information relating to the expected completion of the Acquisition and the expected benefits accrued to the Corporation upon completion of the Acquisition. These forward-looking statements and information are based on certain key expectations and assumptions made by the Corporation. Completion of the Acquisition is subject to a number of conditions which are typical for transactions of this nature. Assumptions have been made with respect to the satisfaction of all conditions precedent under the Agreement and general assumptions respecting the business and operations of both the Corporation and Avalanche, including that Avalanche will continue to operate in a manner consistent with past practice and pursuant to certain industry and market conditions. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as the Corporation cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to satisfy any of the conditions to completion of the Acquisition, and the business, operational and/or financial performance of Avalanche may be materially different from that currently anticipated. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Other risk factors that could affect the Corporation's operations or financial results are included in the Corporation's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
The TSX has neither reviewed nor approved this release.
SOURCE Hyduke Energy Services Inc.
For further information: Pat Ross, President and CEO, Tel 403 528 1095, Email email@example.com