North American Energy Partners Receives Lender Approval for Amendment to Credit Agreement
May 20 2011 - 1:01PM
Marketwired
North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:
NOA) (NYSE: NOA) today announced it has received the required
two-thirds majority approval from its syndicate of lenders to amend
its credit agreement to exclude the impact of NAEP's anticipated
$40 million to $45 million fiscal 2011 revenue writedown when
determining EBITDA-related covenant compliance.
"We are pleased to have worked with our lending partners to
reach this mutually satisfactory agreement," said David Blackley,
Chief Financial Officer of NAEP. "Our lenders recognize that the
revenue writedown relating to our long-term overburden removal
contract with Canadian Natural is a non-recurring item and upon
resolution of the issue, part or the entire amount written down in
2011 may be recognized as revenue."
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. The
Company maintains one of the largest independently owned equipment
fleets in the region.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures. These
measures do not have standardized meanings under Canadian GAAP or
US GAAP and are therefore unlikely to be comparable to similar
measures used by other companies. The non-GAAP financial measure
disclosed by the Company in this release is EBITDA (as defined
within our credit agreement with our lenders). The Company provides
a reconciliation of EBITDA to net income reported in its most
recently filed Manaagement's Discussion and Analysis which may be
obtained for free by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
Forward Looking Statements
The information provided in this release contains
forward-looking statements. Forward-looking statements include
statements preceded by, followed by or that include the words
"may", "could", "would", "should", "believe", "expect",
"anticipate", "plan", "estimate", "target", 'project", "intend",
"continue", "further" or similar expressions. Actual results could
differ materially from those contemplated by such forward-looking
statements as a result of any number of factors and uncertainties,
many of which are beyond our control. Examples of forward looking
information in this release include, but are not limited to, the
statement that part or all of amount written down may be recognized
as profit at a later date. The material factors or assumptions used
to develop such forward-looking statements and the risks and
uncertainties that could cause actual results to differ materially
from those contemplated by such forward-looking statements include
our ability, through the working group established, to come to an
agreement with Canadian Natural on appropriate adjustments to
indicies. 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.Undue reliance should not be placed upon forward-looking
statements and we undertake no obligation, other than those
required by applicable law, to update or revise those
statements.
For more complete information about us you should read our
disclosure documents that we have filed with the SEC and the CSA.
You may obtain these documents for free by visiting EDGAR on the
SEC website at www.sec.gov or on the CSA website at
www.sedar.com.
Contacts: North American Energy Partners Inc. Kevin Rowand
Director, Investor Relations & Strategic Planning (780)
960-4531 (780) 960-7103 (FAX) krowand@nacg.ca www.naepi.ca
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