Aecon JV awarded $600 million pipeline contract
Jul 31, 2012, 17:00 ET
CALGARY, July 31, 2012 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that a joint venture in which its Aecon Utilities division is participating, has been awarded a $600 million contract by Inter Pipeline Fund to complete the expansion of the Cold Lake and Polaris pipelines in Alberta.
The 50/50 joint venture is comprised of Aecon and Robert B. Somerville Co. Limited (Somerville). Scope of work includes the installation of 560 kilometres of underground pipeline for the distribution of diluent between Edmonton and Fort McMurray, as well as engineering support and constructability reviews.
"This large award showcases the high demand for pipeline construction services in Western Canada," says Teri McKibbon, Aecon's Chief Operating Officer. "We look forward to working with Somerville on this significant project for Inter Pipeline."
Work is scheduled to begin in January 2013, with completion expected in 2016.
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.
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