TORONTO, Jan. 11, 2016 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that Ontario Power Generation (OPG) has awarded a 50/50 joint venture (JV) between Aecon and SNC-Lavalin Nuclear Inc. a $2.75 billion contract to carry out the execution phase of its Re-tube and Feeder Replacement project for the Darlington Nuclear Generating Station Refurbishment Program.
The execution phase scope of work includes refurbishment of the reactor cores to replace critical components at the Darlington Nuclear Generating Station, using the tools and methods that were developed and tested during the project's definition phase carried out by the joint venture.
The execution phase is targeted to commence in 2016 and will take approximately ten years. Aecon's $1.375 billion share of the contract will be added to its Energy segment backlog in the first quarter of 2016.
"The Darlington nuclear refurbishment project will contribute significantly to the economic vitality of Ontario while ensuring the supply of emissions-free and reliable baseload electricity. We look forward to working with OPG on what we are confident will become a benchmark project for the industry. We'd also like to thank Canada's Building Trades for their support on this project," said Teri McKibbon, President and CEO, Aecon Group Inc. "This project illustrates Aecon's industry-leading, highly skilled nuclear and fabrication expertise, which bodes well for Aecon's ability to leverage our capabilities in the specialized global nuclear market."
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently 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 events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors. Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws. Forward-looking statements may include, without limitation, statements regarding the operations, business, performance, prospects, strategies and outlook for Aecon. Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aecon Group Inc.
For further information: David Smales, EVP and Chief Financial Officer, Aecon Group Inc., 416-297-2619, [email protected], www.aecon.com