North American Construction Group Ltd. Announces Increase in Committed Scope and Volume
July 21 2021 - 5:05PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA.TO/NYSE:NOA) today announced a contract amendment to a
multiple use agreement between the Mikisew North American Limited
Partnership (“MNALP”) and a major oil sands producer with an
expiration date of December 2023. NACG anticipates its share to be
approximately $175 million in additional revenue over the remainder
of the agreement.
Joe Lambert, President and CEO, stated:
“Following on from two major contract awards outside of the
Canadian oil sands, we are excited to finalize this amendment with
a key customer in the oil sands region and look forward to
continuing the longstanding strong business relationship. We
appreciate the trust that both this customer and the Mikisew Group
place in our safe operations and low-cost culture and will work
hard every day to maintain this confidence.”
Dan Gallagher, Interim Chief Executive Officer,
Mikisew Group, stated: “We are extremely proud of our partnerships
with both North American Construction Group and the producers in
the oil sands region. This award allows for and demonstrates the
stability and security needed to build long-term fiscal and
employment benefits to members of the Mikisew Cree First
Nation.”
About Mikisew North American Limited
PartnershipThe Company has a 49% ownership and voting
interest in MNALP with the majority owner (51%) being the Mikisew
Group of Companies.
About the Mikisew Group of
CompaniesMikisew Group of Companies (“Mikisew Group”) is
the Independent Economic Development arm of the Mikisew Cree First
Nation. Mikisew Group is comprised of two main operating entities
with a peak workforce of approximately 850 individuals (wholly
owned) and ten joint venture partnerships including MNALP.
Collectively these entities service the Canadian oil sands in
various capacities including fleet maintenance, transportation,
site services, emergency response, camp and catering, construction,
structural steel, electrical and instrumentation, and facilities
maintenance. Mikisew Group also holds multiple minority position
investments in infrastructure and other related projects.
For more information, visit
www.mikisewgroup.com.
About the CompanyNorth American
Construction Group Ltd. (www.nacg.ca) is one of Canada’s largest
providers of heavy construction and mining services. For more than
65 years, NACG has provided services to the mining, resource and
infrastructure construction markets.
For further information, please contact:Jason Veenstra, CPA,
CAChief Financial OfficerNorth American Construction Group
Ltd.Phone: (780) 948-2009Email: jveenstra@nacg.ca
The information provided in this release
contains forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the
words “expected”, “estimated” or similar expressions, including the
anticipated values and revenues to be generated by the contract as
well as schedule of work under the contract.
The material factors or assumptions used to
develop the above forward-looking statements and the risks and
uncertainties to which such forward-looking statements are subject
are highlighted in the Company’s MD&A for the year ended
December 31, 2020 and quarter ending March 31, 2021. Actual results
could differ materially from those contemplated by such
forward-looking statements because of any number of factors and
uncertainties, many of which are beyond NACG’s control. Undue
reliance should not be placed upon forward-looking statements and
NACG undertakes no obligation, other than those required by
applicable law, to update or revise those statements. For more
complete information about NACG, please read our disclosure
documents filed with the SEC and the CSA. These free documents can
be obtained by visiting EDGAR on the SEC website at
www.sec.gov or on the CSA website at www.sedar.com.
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