NISKU, AB, May 9, 2017 /CNW/ - Hyduke Energy Services Inc.
("Hyduke" or the "Company") announced today that it has entered
into a definitive construction contract with AltaGas Ltd.
("AltaGas") to provide steel fabrication and construction services
for the assembly and completion of the 95,000 cubic metre propane
storage tank for AltaGas' Ridley Island Propane Export Terminal,
located on Ridley Island, near
Prince Rupert, B.C. (the
"Project.")
"We are excited to have been awarded this contract and look
forward to developing a long-standing relationship with AltaGas for
current and future endeavors," said Pat
Ross, Chief Executive Officer of the Company.
Under the terms of the contract Hyduke will provide supervision,
labour, welding and equipment necessary for completion of the tank
project.
Hyduke's involvement in the Project supports the Company's
growth strategy to expand its engineering and fabrication services
beyond its legacy business of drilling and well servicing
equipment.
The recently announced acquisitions of Western Manufacturing
Ltd. of Hythe, Alberta and
Avalanche Metal Industries Ltd. of Kelowna, B.C. are consistent with Hyduke's
strategy to diversify the Company's capabilities across
Western Canada.
About Hyduke
Trading on the TSX under the symbol "HYD," Hyduke Energy
Services Inc. is a supplier of equipment and services to the oil
and gas drilling and well servicing industry.
Forward looking information
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or
statements. More particularly and without limitation, this
news release contains forward-looking statements and information
relating to the expected completion of the Acquisition and the
expected benefits accrued to the Corporation upon completion of the
Acquisition. These forward-looking statements and information
are based on certain key expectations and assumptions made by the
Corporation. Completion of the Acquisition is subject to a
number of conditions which are typical for transactions of this
nature. Assumptions have been made with respect to the
satisfaction of all conditions precedent under the Agreement and
general assumptions respecting the business and operations of both
the Corporation and Avalanche, including that Avalanche will
continue to operate in a manner consistent with past practice and
pursuant to certain industry and market conditions. Although
the Corporation believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information as the Corporation
cannot give any assurance that they will prove to be correct.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the
failure to satisfy any of the conditions to completion of the
Acquisition, and the business, operational and/or financial
performance of Avalanche may be materially different from that
currently anticipated. Readers are cautioned that the
foregoing list of risks and uncertainties is not exhaustive.
Other risk factors that could affect the Corporation's operations
or financial results are included in the Corporation's annual
information form and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements and
information contained in this news release are made as of the date
hereof and the Corporation does not undertake any obligation to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities
laws.
You should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While the Company may elect to, the Company is
under no obligation and does not undertake to update this
information at any particular time, except as required by
law.
The TSX has neither reviewed nor approved this
release.
SOURCE Hyduke Energy Services Inc.