TORONTO, Nov. 1, 2018 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that a joint venture between Aecon (40%) and Traylor Bros Inc. (60%) has been awarded a $267 million contract by Metro Vancouver (Greater Vancouver Water District) for the Second Narrows Water Supply Tunnel project in British Columbia.
The scope of work includes construction of two shafts, one on each side of Burrard Inlet, connected by a 1,100-metre tunnel. The north entry shaft will be in North Vancouver and approximately 60 metres deep, while the south exit shaft will be in Burnaby and approximately 110 metres deep.
Work will commence in November 2018 and the project is expected to reach completion by the end of 2023.
"We look forward to successfully and safely delivering this complex, multi-year project for Metro Vancouver to ensure the continued, reliable delivery of clean drinking water to member jurisdictions," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "This award further advances Aecon's recognized reputation as a partner-of-choice for tunnelling projects, while expanding our solid presence in Western Canada working on large-scale critical infrastructure projects."
Aecon Group Inc. (TSX: ARE) is a Canadian leader and partner-of-choice in construction and infrastructure development. Aecon provides integrated turnkey services to private and public-sector clients in the Infrastructure and Industrial sectors, and provides project management, financing and development services through its Concessions segment. For more information, please visit aecon.com and follow us on Twitter, LinkedIn, and Instagram @AeconGroup.
Statement on Forward-Looking Information
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. Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, 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. 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. 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: Adam Borgatti, SVP, Corporate Development and Investor Relations, (416) 297-2610, [email protected]; Nicole Court, Director, Corporate Affairs, (416) 297-2600 x3824, [email protected]