North American Construction Group Ltd. Announces Significant Five-Year Contract Extension in Australia
05 Março 2024 - 7:05PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA.TO/NYSE:NOA) today announced that the MacKellar Group
(“MacKellar”) has been awarded a five-year contract extension by a
major metallurgical coal producer in relation to a mine in the
state of Queensland, Australia. The contract contemplates the
provision of fully maintained equipment and related services at the
site operated by the producer.
The award extends the expiry date from June 6,
2025 to June 30, 2030 and qualifies as contractual backlog given
minimum hour commitments in the agreement. Rental scopes are
estimated at $100 million per year resulting in a total value from
this extension of $500 million. The contract requires the addition
of two loading units and one service truck, for between $20 and $25
million, which will be purchased in 2024 Q4 and bring the total
dedicated fleet at this site to approximately seventy heavy
equipment units.
“We are excited about this extension and look
forward to continuing the relationship we have with our customer at
this site,” said Joe Lambert, President and CEO of NACG. “This is
the first material contract we have signed in Australia since the
acquisition of MacKellar and are very proud of how well the first
five months have gone. MacKellar has provided an excellent platform
to grow our business in Australia as we leverage our operational
and maintenance expertise in the region. We believe this ‘locking
in’ of fleet is indicative of the strong demand for heavy equipment
in the Australian mining sector. In light of this demand, and
bolstered by long-term contracts, we have begun to take steps
towards prudently increasing fleet size in Australia, including
potentially transferring underutilized Canadian fleet into that
market with the goal of maximizing overall utilization.”
About the MacKellar
GroupEstablished in 1966 based on humble family values,
MacKellar has earned an enviable reputation in Australia for
performance and reliability. MacKellar specializes in heavy
earthmoving equipment solutions and has a proud history of working
on both mining and civil earthwork projects.
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 the Company, 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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