CALGARY, Sept. 1, 2015 /CNW/ - Stuart Olson Inc. (TSX: SOX, SOX.DB.A) ("Stuart Olson") today announced new project awards valued at a total of $250 million for its Industrial Group and Buildings Group segments.
Stuart Olson's Industrial Group has renewed a three-year master services agreement (MSA) to provide maintenance and operations repair work (MRO) to a longstanding oil sands customer. The MSA is valued at $90 million over the three-year period and provides for the provision of established as well as new services.
Stuart Olson's Buildings Group in Southern Ontario has secured a $90 million project with the largest post-secondary institution in the province. This design-build project includes the construction of instructional facilities, student spaces and faculty offices. In addition, the Buildings Group in Alberta has been awarded two contracts with a total value of $70 million, including a $40 million construction management contract for a 180-unit seniors' care centre and a $30 million design-build project to construct a research and collections resource facility for a large post-secondary institution.
"These new contract awards are substantial wins for both our Industrial Group and Buildings Group," said David LeMay, Stuart Olson's President and CEO. "The three-year MSA demonstrates our focus on ensuring we renew existing MRO contracts, while at the same time continue our efforts to grow this business by adding new services, customers and sites. The post-secondary project awarded to our Buildings Group in Southern Ontario is a significant win for this emerging branch. Our ongoing strategy of growth within this large market focuses on pursuing properly sized projects through our collaborative methods of project delivery and this award demonstrates the success of our approach. The awards to our Buildings Group in Alberta reflects our strong relationships with both private and public repeat clients."
About Stuart Olson Inc.
Stuart Olson Inc. provides building construction, commercial and industrial electrical contracting, and industrial insulation services to an array of public, private and industrial sector clients. Stuart Olson operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Stuart Olson common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and "SOX.DB.A", respectively.
Forward Looking Information
This press release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, without limitation, statements relating to the value and scope of the new awards and statements related to Stuart Olson's future growth strategy. Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect", "believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions, government policies and expected developments, as well as other material factors that it considers to be relevant at the time of making such statements.
The forward-looking information in this press release is included solely for the purpose of assisting investors in understanding Stuart Olson's financial position and the results of its operations as at the date hereof. By its nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that management's assumptions, analysis and estimates will be incorrect and that Stuart Olson's anticipated results will not be achieved. Although Stuart Olson believes that the statements with respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from those results implied by the expectations suggested by such information. Those factors include, without limitation, the risks and uncertainties described in Stuart Olson's Annual Information Form filed with the securities regulatory authorities in Canada under Stuart Olson's profile at www.sedar.com. Readers are encouraged to consider the foregoing risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance upon such information when making investment decisions.
The forward-looking information in this press release is current to the date hereof, and is subject to change following such date. While Stuart Olson may elect to do so, unless required by applicable law, it undertakes no obligation to update this information to reflect new information or circumstances at any particular time.
SOURCE Stuart Olson Inc.
For further information: Daryl Sands, Executive Vice President and Chief Financial Officer, Stuart Olson Inc., (403) 685 7777, [email protected]