North American Construction Group Ltd. Announces Award of Regional Services Contract
31 Janeiro 2024 - 10:00AM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA.TO/NYSE:NOA) today announced that Mikisew North American
Limited Partnership (“MNALP”) has been awarded a three-year
regional services contract by a major producer in the Canadian oil
sands region. The contract contemplates the provision of services
across various mine sites operated by the producer.
The contract is effective immediately with an
expiry date of January 30, 2027. Initial committed earthworks
volumes in the first year of the agreement provide NACG with $225
million in contractual backlog. Management expects further
commitments, also within the first year and in the range of $25 to
$50 million, to be awarded prior to the end of February 2024.
Including these expected awards, the Company’s combined backlog
which, on a proforma basis, was $2.8 billion as at September 30,
2023 is now projected to be over $3.0 billion.
“We are excited to report this award after a
comprehensive process with both MNALP and our customer and we look
forward to executing on our commitments. I am confident that the
safe, low-cost and sustainable model we operate every day was
instrumental in MNALP being awarded this scope and will continue to
provide competitive advantages and opportunities in the future,”
said Joe Lambert, President and CEO of NACG. “This regional
contract supports the guidance we recently disclosed for what we
expect from our overall business in 2024.”
“We are pleased to celebrate another significant
award for Mikisew North American Limited Partnership,” said Dan
Gallagher, Chief Executive Officer of Mikisew Group. “This award
ensures the equipment investments we have made with NACG will
continue to deliver returns for our shareholder, the Mikisew Cree
First Nation, well into the future.”
About Mikisew North American Limited Partnership
(MNALP)
MNALP is a limited partnership in which NACG has
a 49% interest, with the Mikisew Group of Companies (“Mikisew
Group”) holding the majority 51% interest.
About Mikisew Group
Mikisew Group is the Independent Economic
Development arm of the Mikisew Cree First Nation. Mikisew Group is
comprised of two main operating entities and ten joint venture
partnerships including MNALP. These entities service the Canadian
oil sands in various capacities including heavy equipment rental,
fleet maintenance, transportation, emergency response, catering
services, and facilities maintenance. For more information about
the Mikisew Group of Companies, visit www.mikisewgroup.com.
About NACGNACG is one of Canada
and Australia’s largest providers of heavy construction and mining
services. For more than 70 years, NACG has provided services to the
mining, resource, and infrastructure construction
markets. For more information about North American
Construction Group Ltd., visit www.nacg.ca.
For further information, please contact:Jason Veenstra, CPA,
CAChief Financial OfficerNorth American Construction Group
Ltd.Phone: (780) 948-2009Email: ir@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 revenues and backlog to be generated by 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, 2022 and quarter
ending September 30, 2023. 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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