HOUSTON, Dec. 12, 2017 /PRNewswire/ -- Quanta
Services, Inc. (NYSE:PWR) announced today that it was selected by
NextBridge Infrastructure (NextBridge) through a competitive bid
process to construct the Ontario East-West Tie Line Project in
northern Ontario. Through its
operating subsidiary, Valard Construction, Quanta will provide
comprehensive construction services, including project management,
material management, construction permitting and the installation
of approximately 290 miles of double circuit 230 kilovolt
transmission line connecting Hydro One's Wawa Transformer Station,
Marathon Transformer Station and Lakehead Transformer Station.
Quanta expects construction to begin in late 2018, with completion
expected in late 2020.
"Quanta is proud to have been selected by NextBridge for this
critical project, which is designed to enhance the long-term
reliability of the electricity supply in northwestern Ontario. We have a long track record of safely
and cost-effectively executing large electric transmission projects
in Canada and look forward to
applying our expertise to this project," said Duke Austin, Quanta's President and Chief
Executive Officer. "Further, the project is expected to create up
to 700 jobs during construction and provide additional economic
benefits to the local community through the purchase of goods and
services necessary to support operations."
Adam Budzinski, President and
Chief Executive Officer of Valard Construction added, "We have
extensive relationships with local indigenous communities and look
forward to working with them on this project. Additionally, Valard
is known for its expertise in building infrastructure in an
environmentally sensitive way."
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 awarded thereunder; the scope of services
to be performed by Quanta for the project; the anticipated
commencement and completion dates for construction of the project;
the expected impact of the project on the electric power grid; the
expected economic impact of the project, including with respect to
employment; 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 known and unknown risks and uncertainties that
are difficult to predict or beyond Quanta's control, including,
among others, the effects of industry, economic, financial or
political conditions outside of the control of Quanta; failure to
obtain regulatory or permitting approval for the project;
successful performance and completion of the contract and the
project awarded thereunder; delays, reductions in scope, or
cancellations of the contract or the project awarded thereunder,
including as a result of weather, regulatory, permitting or
environmental issues, project performance, claimed force majeure
events, protests or other political activity related to the
project, or customer capital constraints; the potential for claims
associated with 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,
permitting or other requirements for the project, which could
result in delay or cancellation of the project; the failure of
suppliers, subcontractors, equipment manufacturers and other third
party contractors to perform their obligations under their
contracts; adverse changes in economic conditions and trends in
relevant markets; 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 Reports on Form
10-Q for the quarters ended Mar. 31,
2017, June 30, 2017 and
Sept. 30, 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 advised 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
|
SOURCE Quanta Services, Inc.