TORONTO, June 27, 2016 /CNW/ - Aecon Group Inc. (TSX:ARE)
announced today that an Aecon joint venture (JV) has been awarded
two nuclear energy contracts by Ontario Power Generation (OPG)
valued at $223 million for Aecon's
share.
Under the first contract, a JV between Aecon (60%) and
SNC-Lavalin Nuclear Inc. (40%) has been awarded a $265 million
turbine generator refurbishment contract by OPG to carry out work
on all four steam turbine generators at the Darlington Nuclear
Generating Station in Ontario. The
scope of work includes a complete overhaul of the 935 megawatt
steam turbines, generators, moisture separator reheaters, condenser
repairs, and the implementation of new control systems. Work has
commenced and is expected to be complete in 2025.
Additionally, the same JV was awarded a $127 million engineering, procurement and
construction contract for the Retube Waste Processing Building at
the Darlington Nuclear Generating Station. Under this contract,
work is split 50% to Aecon and 50% to SNC-Lavalin Nuclear
Inc. Work is expected to be complete in 2017.
In January 2016, Aecon was awarded
a $1.375 billion contract as part of
the $2.75 billion 50/50 JV between
Aecon and SNC-Lavalin Nuclear Inc. to carry out the execution phase
of its Re-tube and Feeder Replacement project for OPG's Darlington
Nuclear Generating Station Refurbishment Program.
"Our continued partnership with OPG further solidifies Aecon's
reputation as a preferred contractor to Canada's energy sector and underscores our
strong backlog and diversification in the energy segment," said
Teri McKibbon, President and Chief
Executive Officer, Aecon Group Inc. "Aecon remains steadfast in our
commitment to delivering end-to-end turnkey solutions for our
diverse range of clients across the country."
"We are pleased to continue our work with OPG as part of the
larger Darlington Nuclear Refurbishment Program while extending the
life of the turbine generators for the next thirty years," said
Mark Scherer, Executive Vice
President, Aecon Energy.
Aecon Group Inc. (TSX: ARE) is a Canadian leader and
partner-of-choice in construction and infrastructure
development. Aecon provides integrated turnkey services to
private and public sector clients in the Infrastructure, Energy and
Mining sectors and provides project management, financing and
development services through its Concessions segment. Aecon is also
pleased to be consistently recognized as one of the Best
Employers in Canada. For more
information, please visit www.aecon.com and follow us on
Twitter at @AeconGroup.
The information in this press release includes certain
forward-looking statements. These "forward-looking" statements are
based on currently available competitive, financial and economic
data and operating plans but are subject to risks and
uncertainties. In addition to events beyond Aecon's control,
there are factors which could cause actual or future results,
performance or achievements to differ materially from those
expressed or inferred herein including, but not limited to: the
timing of projects, unanticipated costs and expenses, general
market and industry conditions and operational and reputational
risks, including Large Project Risk and Contractual Factors.
Readers are referred to the specific risk factors relating to and
affecting Aecon's business and operations as filed by Aecon
pursuant to applicable securities laws. Forward-looking
statements may include, without limitation, statements regarding
the operations, business, performance, prospects, strategies and
outlook for Aecon. Forward-looking statements, may in some
cases be identified by words such as "will," "plans," "believes,"
"expects," "anticipates," "estimates," "projects," "intends,"
"should" or the negative of these terms, or similar
expressions. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and Aecon undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Aecon Group Inc.