North American Construction Group Ltd. Announces Award of Heavy Civil Construction Project
November 21 2024 - 4:05PM
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 heavy civil
construction contract by a major producer in the oil sands region.
The project involves building large diversion ditches to redirect
water from upstream catchments away from active mining areas and
releasing into downstream locations.
The award of this two-year project, expected to
generate revenue for the Company of approximately $125 million,
reflects the operating expertise and client trust NACG has gained
over on our long history in the region. The project is set to begin
January 2025 with completion expected in October 2026. This heavy
civil infrastructure project, located at one of the leading mines
in the Fort McMurray region, reinforces our long-term strategic
partnership with the client and leverages synergies with existing
infrastructure and mine support activities on site. This
collaboration further solidifies the strong working relationship
between the two organizations.
“Our ongoing partnership with this key client is
a cornerstone of our long-term strategy in the region,” said Joe
Lambert, President and Chief Executive Officer of NACG. “This
project showcases our technical expertise in large-scale civil
construction and highlights the synergies we are able realize
between our civil infrastructure and mine support operations. We
are committed to delivering exceptional results with a focus on
safety, quality, and seamless integration with our client's ongoing
operations.”
“This project exemplifies our commitment to
delivering impactful, sustainable solutions in the oil sands
region,” said Jeff Epp, Interim Chief Executive Officer of Mikisew
Group. “We are proud to bring our expertise and resources to a
project that enhances operational efficiency while supporting
environmental stewardship by effectively managing water flow around
active mining areas. This award strengthens our partnership with
NACG and reflects our shared dedication to innovation, safety, and
delivering lasting value for our clients and the community.”
About Mikisew North American Limited
Partnership (MNALP)The Company carries out heavy civil
construction work in the Athabasca Oil Sands Region as a
subcontractor to MNALP, a limited partnership in which the Company
has a 49% interest, with the Mikisew Group of Companies (“Mikisew
Group”) holding the majority 51% interest.
About Mikisew GroupMikisew
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, 2023 and quarter
ending June 30, 2024. 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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