Acheson, Alberta, March 17, 2022 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “The Company”) (TSX: NOA.TO/NYSE: NOA) today announced that it has signed a five-year contract with Mikisew. North American limited partnership by major oil sands producers (“MNALP”). Given the scope of the award, the new contract is eligible for an estimated $ 125 million backlog. Based on heavy equipment fleets and experience on this site, we estimate that this contractual backlog represents about one-third of the work completed during the contract period.
The Contract Award enhances and adds to NACG’s total backlog, which was $ 1.7 billion as of December 31, 2021. The agreement will continue to expand significant indigenous partnerships and increase visibility of agreements regarding fleet use through March 2027.
Joe Lambert, President and Chief Executive Officer, said: We have a great partnership with the Mikiseu Group and continue to find mutually beneficial ways to grow and expand our partnership. We are confident that a continuous safety, low cost, sustainable partnership model that has won this range will continue to provide competitive advantages and opportunities. ”
Dan Gallagher, Chief Executive Officer of Mikisew Group, said: This partnership continues to exceed all the indicators we have, including safety, indigenous employment and stakeholder returns. Joe and the entire NACG team are great partners and continue to clearly show that they are market leaders in the heavy civil engineering field. “
About the Mikisew NorthAmerican Limited Partnership
We own 49% of MNALP and have voting rights, and the majority of the owners (51%) are the Mikisew Group of Companies.
About Mikisew Group Companies
The Mikisew Group of Companies (“Mikisew Group”) is an independent economic development arm of Mikisew CreeFirst Nation. The Mikisew Group consists of two major entities and 10 joint venture partnerships including MNALP. These entities serve Canada’s oil sands with a variety of capabilities, including fleet maintenance, transportation, site services, emergency response, camping and catering, construction, and facility maintenance. The Mikisew Group also invests in multiple minority positions in infrastructure and other related projects.
For more information on Mikisew Group, please visit: www.mikisewgroup.com..
About the company
North American Construction Group Ltd. (www.nacg.ca) is one of Canada’s largest providers of heavy construction and mining services. NACG has been servicing the mining, resource and infrastructure construction markets for over 65 years.
For more information, please contact:
Jason Veenstra, Certified Accountant, CA
North American Construction Group Ltd.
Phone number: (780) 948-2009
The information provided in this release contains forward-looking statements. Forward-looking statements include statements that precede, follow, or include expressions such as “expected,” “estimated,” and so on. This includes the expected revenue and backlog generated by the contract, and a schedule of work based on the contract.
The material factors or assumptions used to make the forward-looking statements above, and the risks and uncertainties covered by such forward-looking statements, ended December 31, 2020. It is highlighted in our MD & A for the fiscal year and the quarter ended March 31, 2021. Actual results may differ materially from those envisioned in these forward-looking statements due to a number of factors and uncertainties beyond the control of NACG. No undue reliance should be placed on forward-looking statements and NACG undertakes no obligation to update or revise these statements except as required by applicable law. For more information on NACG, please read the disclosure documents submitted to the SEC and CSA. These free documents are available by visiting EDGAR on the SEC’s website. www.sec.gov Or on the CSA website www.sedar.com..
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North American Construction Group Ltd. Announces Contract Award for Canadian Business Journal
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