North American Energy Partners Files Revised Quarterly Management's Discussion and Analysis
August 05 2010 - 8:26PM
Marketwired
North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:
NOA) (NYSE: NOA) today announced that it has filed a revised
Management's Discussion and Analysis ("MD&A") for the three
months ended June 30, 2010.
The revised MD&A supersedes the MD&A filed on August 4,
2010 and corrects errors in the figures summarizing the Company's
backlog. The correction resulted in a $35 million increase to
backlog for the Pipeline segment as at June 30th 2010.
(dollars in thousands) June 30, 2010 March 31, 2010 June 30, 2009
----------------------------------------------------------------------------
By Segment
Heavy Construction
and Mining $807,111 $725,767 $696,412
Piling 16,579 16,423 5,731
Pipeline 40,989 6,861 -
-------------------------------------------------
Total $864,679 $749,051 $702,143
By Contract Type
Unit-Price $796,670 $722,710 $698,550
Lump-Sum 63,383 18,429 2,165
Time-and-Materials
and Cost-Plus 4,626 7,912 1,428
-------------------------------------------------
Total $864,679 $749,051 $702,143
The Company is currently preparing to commence work on two new
pipeline construction contracts. Although one of these contracts
qualified for inclusion in the calculation of backlog as at June
30, 2010, it was not included in the backlog figures the Company
previously reported. It has now been included in the revised
filing. The second contract did not qualify for inclusion in the
calculation of backlog as at June 30th, 2010 but is expected to
contribute to revenues in the second and third quarters.
"Our expectation for total Pipeline segment revenues during
fiscal 2011 is approximately $55-$65 million," said Rod Ruston,
President and CEO. "On our conference call this morning we
indicated a lower range for total Pipeline segment revenues based
on incomplete information and we apologize for any confusion this
may have caused."
Forward-Looking Information
This release contains forward-looking information that is based
on expectations and estimates as of the date of this release.
Forward-looking information is information that is subject to known
and unknown risks and other factors that may cause future actions,
conditions or events to differ materially from the anticipated
actions, conditions or events expressed or implied by such
forward-looking information. Forward-looking information is
information that does not relate strictly to historical or current
facts and can be identified by the use of the future tense or other
forward-looking words such as "believe", "expect", "anticipate",
"intend", "plan", "estimate", "should", "may", "could", "would",
"target", "objective", "projection", "forecast", "continue",
"strategy", "position" or the negative of those terms or other
variations of them or comparable terminology.
Examples of such forward-looking information in this release
include but are not limited to, the following, each of which is
subject to significant risks and uncertainties and is based on a
number of assumptions which may prove to be incorrect:
Information related to the level of activity in the Company's
key markets and demand for the Company's services, including the
Pipeline segment's ability to achieve revenues of $55-$65 million
during fiscal 2011; is subject to the risks and uncertainties that:
continued reduced demand for oil and other commodities as a result
of slowing market conditions in the global economy may result in
reduced oil production and a decline in oil prices; anticipated new
major capital projects in the oil sands may not materialize; demand
for the Company's services may be adversely impacted by regulations
affecting the energy industry; failure by the Company's customers
to obtain required permits and licenses may affect the demand for
the Company's services; changes in the Company's customers'
perception of oil prices over the long-term could cause its
customers to defer, reduce or stop their capital investment in oil
sands projects, which would, in turn, reduce the Company's revenue
from those customers; reduced financing as a result of the
tightening credit markets may affect the Company's customers'
decisions to invest in infrastructure projects; insufficient
pipeline, upgrading and refining capacity or lack of sufficient
governmental infrastructure to support growth in the oil sands
region could cause the Company's customers to delay, reduce or
cancel plans to construct new oil sands projects or expand existing
projects, which would, in turn, reduce the Company's revenue from
those customers; a change in strategy by the Company's customers to
reduce outsourcing could adversely affect the Company's results;
cost overruns by the Company's customers on their projects may
cause its customers to terminate future projects or expansions
which could adversely affect the amount of work the Company
receives from those customers; because most of the Company's
customers are Canadian energy companies, a further downturn in the
Canadian energy industry could result in a decrease in the demand
for its services; and unanticipated short term shutdowns of the
Company's customers' operating facilities may result in temporary
cessation or cancellation of projects in which the Company is
participating.
While management anticipates that subsequent events and
developments may cause its views to change, the Company does not
intend to update this forward-looking information, except as
required by applicable securities laws. This forward-looking
information represents management's views as of the date of this
document and such information should not be relied upon as
representing their views as of any date subsequent to the date of
this document. The Company has attempted to identify important
factors that could cause actual results, performance or
achievements to vary from those current expectations or estimates
expressed or implied by the forward-looking information. However,
there may be other factors that cause results, performance or
achievements not to be as expected or estimated and that could
cause actual results, performance or achievements to differ
materially from current expectations. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
expected or estimated in such statements. Accordingly, readers
should not place undue reliance on forward-looking information.
These factors are not intended to represent a complete list of the
factors that could affect the Company. See the risk factors
highlighted in materials filed with the securities regulatory
authorities in the United States and Canada from time to time,
including but not limited to the most recent Management's
Discussion and Analysis filed respectively in the United States and
Canada.
For more complete information about NAEP, you should read the
disclosure documents filed with the SEC and the CSA. You may obtain
these documents for free by visiting the SEC website at www.sec.gov
or SEDAR on the CSA website at www.sedar.com.
About the Company
North American Energy Partners Inc. (www.naepi.ca) is one of the
largest providers of heavy construction, mining, piling and
pipeline services in Western Canada. For more than 50 years, NAEP
has provided services to large oil, natural gas and resource
companies, with a principal focus on the Canadian oil sands. NAEP
maintains one of the largest independently owned equipment fleets
in the region.
Contacts: North American Energy Partners Inc. Kevin Rowand
Investor Relations (780) 969-5528 (780) 969-5599 (FAX)
krowand@nacg.ca
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