(TSX - FES)
CALGARY, Sept. 28, 2011 /CNW/ - Flint Energy Services Ltd. (Flint, the
Company) announced that it has been selected as the construction
contractor for a major SAGD oil sands project in the Wood Buffalo
Region near Fort McMurray, Alberta. The contract involves field
construction and is valued at approximately $430 million.
Flint will be responsible for the construction of two major silos of
work within the central plant facility. The scope of the project
consists of Flint's traditional mechanical and electrical direct field
activities, as well as construction management and support.
Flint's work will commence in the first quarter of 2012 and will
continue until mid-2014. Flint anticipates this project will employ
over 1,500 people at peak.
W. J. (Bill) Lingard, President and Chief Executive Officer said, "We
are very pleased to have been selected as the construction partner to
work on this significant oil sands development. This is a large
construction project and it demonstrates the increasing activity levels
in oil sands capital investments."
Mr. Lingard went on to say, "With this latest contract award, the
backlog of work for our Facility Infrastructure segment now sits at
$740 million and we have good line of sight on our revenues for 2012
and 2013. We also have bids in play with other customers and we expect
to win additional contract work later this year and in early 2012."
Earlier this year, the company reported $300 million in additional
backlog from two other oil sands projects. The Company currently has
over 1,400 workers engaged in work on these projects.
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products
and services for the oil and gas industry including: production
services; infrastructure construction; oilfield transportation; and
maintenance services. With more than 9,000 employees, Flint provides
this unique breadth of products and services through over 65 strategic
locations in the oil and gas producing areas of Western North America,
from Inuvik in the Northwest Territories to Mission, Texas on the
Mexican border. Flint is a preferred provider of infrastructure
construction management, module fabrication, maintenance services for
upgrading, and production facilities in Alberta's oil sands sector.
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking
statements", which reflect current expectations of the management of
Flint regarding future events or Flint's future performance. All
statements other than statements of historical fact contained in this
news release may be forward-looking statements. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ materially
from those anticipated in the forward-looking statements. Flint
believes that the expectations reflected in such forward-looking
statements are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon. The forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements are made as of the date of
this news release and Flint assumes no obligation to update or revise
them to reflect new events or circumstances, except as expressly
required by applicable securities law. Further information regarding
risks and uncertainties relating to Flint and its securities can be
found in the disclosure documents filed by Flint with the securities
regulatory authorities, available at www.sedar.com.
For information on employment with Flint, please go to our website at www.flintenergy.com and click on the Careers link for information on job postings and how
SOURCE Flint Energy Services Ltd.
For further information:
on this release:
Guy Cocquyt, Director of Investor Relations
Telephone: (403) 218-7195, Email: email@example.com