CORAL GABLES, Fla., June 4,
2018 /PRNewswire/ -- MasTec, Inc. (NYSE: MTZ) today
announced that it has signed a master services agreement with the
Puerto Rico Electric Power Authority ("PREPA") to complete the
restoration of the critical electrical transmission and
distribution system components damaged as a result of Hurricane
Maria as well as to support the initial phase of reconstruction and
modernization of the electrical power system in Puerto Rico. The master services agreement
award has an estimated value of $500
million. Services under this contract are expected to be
completed over the upcoming 12 months, once MasTec completes the
process of remobilizing crew and equipment resources to
Puerto Rico.
This award was the result of a competitive RFP bid process to
complete the restoration of critical electrical system components
and to support the initial reconstruction phase of its electrical
utility system following the impact of Hurricane Maria. This
process involved the submission of bids from qualified
infrastructure construction companies and an analysis by PREPA of
each bidder's experience, asset base, financial capacity,
understanding of the project and overall cost to perform the work
needed.
Under the terms of the contract, MasTec is to perform hurricane
restoration and reconstruction services at various locations in
PREPA's service area. As the restoration process comes to an end,
MasTec will continue to work with the Commonwealth of Puerto Rico, PREPA and various other federal
and Commonwealth agencies in the transition to upgrading and
modernizing the Puerto Rico power
grid.
José Mas, MasTec's Chief Executive Officer, commented, "We have
been proudly performing services in Puerto Rico for over 50 years, including storm
restoration efforts completed early this year by our power line and
telecom teams. We look forward to expanding our relationship with
PREPA and contributing to vital multi-year reconstruction and
modernization efforts to significantly improve electric utility
infrastructure, reliability and quality of service for the
Commonwealth."
MasTec, Inc. is a leading infrastructure construction company
operating mainly throughout North
America across a range of industries. The Company's
primary activities include the engineering, building, installation,
maintenance and upgrade of communications, energy and utility
infrastructure, such as: wireless, wireline/fiber, and customer
fulfillment activities; petroleum and natural gas pipeline
infrastructure; electrical utility transmission and distribution;
power generation; heavy civil, and industrial infrastructure.
MasTec's customers are primarily in these industries. The
Company's corporate website is located at www.mastec.com. The
Company's website should be considered as a recognized channel of
distribution, and the Company may periodically post important, or
supplemental, information regarding contracts, awards or other
related news on the Presentations/Webcasts page in the Investors
section therein.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act. These
statements are based on management's current expectations and are
subject to a number of risks, uncertainties, and assumptions,
including market conditions, technological developments, regulatory
changes or other governmental policy uncertainty that affects us or
our customers' industries; the effect on demand for our services of
changes in the amount of capital expenditures by our customers due
to, among other things, economic conditions, commodity price
fluctuations, the availability and cost of financing, and customer
consolidation in the industries we serve; activity in the oil and
gas, utility and power generation industries and the impact on our
customers' expenditure levels caused by fluctuations in prices of
oil, natural gas, electricity and other energy sources; our ability
to manage projects effectively and in accordance with our
estimates, as well as our ability to accurately estimate the costs
associated with our fixed price and other contracts, including any
material changes in estimates for completion of projects; the
timing and extent of fluctuations in operational, geographic and
weather factors affecting our customers, projects and the
industries in which we operate; the highly competitive nature of
our industry; the ability of our customers, including our largest
customers, to terminate or reduce the amount of work, or in some
cases, the prices paid for services, on short or no notice under
our contracts, and/or customer disputes related to our performance
of services; our dependence on a limited number of customers and
our ability to replace non-recurring projects with new projects;
risks related to completed or potential acquisitions, including our
ability to identify suitable acquisition or strategic investment
opportunities, to integrate acquired businesses within expected
timeframes and to achieve the revenue, cost savings and earnings
levels from such acquisitions at or above the levels projected,
including the risk of potential asset impairment charges and
write-downs of goodwill; disputes with, or failures of, our
subcontractors to deliver agreed-upon supplies or services in a
timely fashion, and the risk of being required to pay our
subcontractors even if our customers do not pay us; risks related
to our strategic arrangements, including our equity investees; any
material changes in estimates for legal costs or case settlements
or adverse determinations on any claim, lawsuit or proceeding; the
effect of state and federal regulatory initiatives, including costs
of compliance with existing and future safety and environmental
requirements; risks associated with potential environmental issues
and other hazards from our operations; the effect of federal,
local, state, foreign or tax legislation and other regulations
affecting the industries we serve and related projects and
expenditures, including the effect of corporate income tax reform;
the adequacy of our insurance, legal and other reserves and
allowances for doubtful accounts; the outcome of our plans for
future operations, growth and services, including business
development efforts, backlog, acquisitions and dispositions; our
ability to maintain a workforce based upon current and anticipated
workloads; our ability to attract and retain qualified personnel,
key management and skilled employees, including from acquired
businesses, and our ability to enforce any noncompetition
agreements; any exposure resulting from system or information
technology interruptions or data security breaches; fluctuations in
fuel, maintenance, materials, labor and other costs; risks related
to our operations that employ a unionized workforce, including
labor availability, productivity and relations, as well as risks
associated with multiemployer union pension plans, including
underfunding and withdrawal liabilities; risks associated with
operating in or expanding into additional international markets,
including risks from fluctuations in foreign currencies, foreign
labor, general business conditions and risks from failure to comply
with laws applicable to our foreign activities and/or governmental
policy uncertainty; restrictions imposed by our credit facility,
senior notes, and any future loans or securities; our ability to
obtain performance and surety bonds; a small number of our existing
shareholders have the ability to influence major corporate
decisions; risks associated with volatility of our stock price or
any dilution or stock price volatility that shareholders may
experience in connection with shares we may issue as consideration
for earn-out obligations or as purchase consideration in connection
with past or future acquisitions, or as a result of other stock
issuances; as well as other risks detailed in our filings with the
Securities and Exchange Commission. Actual results may differ
significantly from results expressed or implied in these
statements. We do not undertake any obligation to update
forward-looking statements.
View original
content:http://www.prnewswire.com/news-releases/mastec-awarded-500-million-power-restoration-and-reconstruction-contract-with-the-puerto-rico-electric-power-authority-300658787.html
SOURCE MasTec, Inc.