HOUSTON, July 31, 2017 /PRNewswire/ -- Quanta
Services, Inc. (NYSE:PWR) announced today that it was selected by
American Electric Power (AEP) to provide engineering, procurement
and construction (EPC) solutions for the Wind Catcher Generation
Tie Line (Wind Catcher Tie Line). The anticipated contract value
for this project makes it the largest project award in Quanta's
history. The Wind Catcher Tie Line consists of approximately 350
miles of a single circuit 765kV power line located between
Guymon and Tulsa, Oklahoma, and two new substations.
Quanta will provide turnkey EPC services for the entire project and
estimates that up to 1,000 people could be working on the project
in Oklahoma, supported by
technical and engineering operations in Texas. Once completed, the Wind Catcher Tie
Line would deliver energy from the Wind Catcher wind farm in
western Oklahoma to customers in
Arkansas, Louisiana, Oklahoma and Texas.
Duke Austin, Quanta's President
and Chief Executive Officer, commented, "We are pleased to provide
an innovative solution to a long-standing customer and partner.
Quanta has built more high-voltage electric transmission
infrastructure in North America
than any other specialty contractor, with industry-leading
experience constructing 765kV power lines. Quanta brings
significant scope, scale and financial resources, as well as a
track record of safely executing large, complex projects. We are
confident that our collaborative process will provide benefits to
the communities this project is designed to serve and appreciate
AEP's confidence in our ability to safely execute on the Wind
Catcher Tie Line project."
Quanta is providing early-phase project support services to AEP.
Subject to AEP obtaining state and federal regulatory approvals,
which are required for the Wind Catcher Tie Line project, Quanta
expects construction to begin in the later part of 2018, with
completion expected in late 2020. Quanta has yet to determine
whether the project will be included in third quarter 2017
backlog.
About Quanta Services
Quanta Services is a leading
specialized contracting services company, delivering infrastructure
solutions for the electric power, oil and gas and communications
industries. Quanta's comprehensive services include designing,
installing, repairing and maintaining energy and communications
infrastructure. With operations throughout the United States, Canada, Latin
America, Australia and
select other international markets, Quanta has the manpower,
resources and expertise to safely complete projects that are local,
regional, national or international in scope. For more information,
visit www.quantaservices.com.
Forward Looking Statements
This press release (and any
oral statements regarding the subject matter of this press release)
contains forward-looking statements intended to qualify for the
"safe harbor" from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
include, but are not limited to, any expected value of the contract
or project; the scope, services, terms and results of the project
awarded under the contract; the anticipated commencement and
completion dates for construction of the project; the anticipated
date for obtaining regulatory approvals for the project; projected
backlog; the impact of the project on the electric power grid; and
the safety, efficiency or success of the project; as well as
statements reflecting expectations, intentions, assumptions or
beliefs about future events and other statements that do not relate
strictly to historical or current facts. Although Quanta's
management believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. These
statements can be affected by inaccurate assumptions and by a
variety of risks and uncertainties that are difficult to predict or
beyond our control, including, among others, the effects of
industry, economic or political conditions outside of the control
of Quanta; failure to obtain regulatory approval for the project;
successful performance and completion of the contract and the
project awarded thereunder; failure to realize the anticipated
value of the contract or the project; delays, reductions in scope,
or cancellations of the contract or the project awarded thereunder,
including as a result of weather, regulatory or environmental
issues, project performance issues, claimed force majeure events,
or customer capital constraints; the potential for claims
associated with schedule delays, performance shortfalls or Quanta's
inability or failure to comply with the terms of the contract for
the project, which may result in additional costs, unexcused
delays, warranty claims, failure to meet performance guarantees,
damages or contract termination; the inability or refusal of the
customer to pay for Quanta's services; failure of the customer to
comply with applicable regulatory requirements, which could result
in delay or cancellation of the project; the failure of
subcontractors to perform their obligations, including warranty
obligations, under their subcontracts; adverse changes in economic
conditions and trends in relevant markets; estimates and
assumptions in determining contract value and backlog; Quanta's
ability to realize backlog; cancellation and termination
provisions present in the contract; and other risks and
uncertainties detailed in Quanta's Annual Report on Form 10-K for
the year ended Dec. 31, 2016,
Quanta's Quarterly Report on Form 10-Q for the quarter ended
Mar. 31, 2017 and any other documents
that Quanta files with the Securities and Exchange Commission
(SEC). For a discussion of these risks, uncertainties and
assumptions, investors are urged to refer to Quanta's documents
filed with the SEC that are available through the company's website
at www.quantaservices.com or through the SEC's Electronic Data
Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
Should one or more of these risks materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those expressed or implied in any forward-looking statements.
Investors are cautioned not to place undue reliance on these
forward-looking statements, which are current only as of this date.
Quanta does not undertake and expressly disclaims any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Quanta
further expressly disclaims any written or oral statements made by
any third party regarding the subject matter of this press
release.
Investors - Kip Rupp,
CFA
|
Media – Deborah Buks
and Molly LeCronier
|
Quanta Services,
Inc.
|
Ward
|
(713)
341-7260
|
(713)
869-0707
|
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SOURCE Quanta Services, Inc.