NAPEC wins $185-million in new contracts NAPEC wins $185-million in new contracts
Mr. Pierre Gauthier reports
NAPEC INC. ANNOUNCES NEW CONTRACTS WITH A TOTAL VALUE OF MORE THAN $185.0 MILLION
NAPEC Inc.'s subsidiaries have recently been awarded new contracts representing an aggregate value estimated at more than $185.0-million.
First, U.S. subsidiary Riggs Distler & Company Inc. (RDC) was awarded several contracts with a total value of approximately $113.8-million (U.S.), equivalent to about $150.0-million based on the current exchange rate. These agreements include:
- A five-year extension to an existing agreement to provide construction and maintenance services for the gas and electricity distribution networks of a major utility service provider in Pennsylvania. The extension period begins in January, 2017, and ends in December, 2021;
- A five-year extension to an existing agreement for construction, replacement and maintenance services on the gas distribution network of a large-scale utility service provider in Maryland. The renewal period extends from January, 2017, through December, 2021;
- A contract to rebuild a five-mile (eight kilometres) section of a 69-kilovolt electricity transmission line for a municipal utility company in New Jersey. Work will be carried out through March, 2017;
- A contract to provide road matting and environment control services related to an electricity transmission line project for a major utility service provider in New England. This contract is expected to be completed in September, 2017.
Second, Canadian subsidiary Thirau Inc. obtained an important contract from Hydro-Quebec related to the large-scale Chamouchouane-Bout-de-l'Ile project. The contract calls for the construction of a 77-kilometre section of a 735 kv electricity transmission line linking the Taureau reservoir to the municipality of Saint-Zenon in the Lanaudiere region. Work also includes the partial demolition and reconstruction of a section from another neighbouring transmission line. The total value of the contract amounts to nearly $35.5-million. Work is scheduled to begin in December, 2016, and should spread out until October, 2017.
"These contracts illustrate the wide reach of NAPEC's service offering for major utility companies in its main markets. We are continuing to grow our presence in the U.S. gas market and we believe it will further expand by deploying the expertise of PCT Contracting LLC, a company acquired in November, 2016, across our network. In Canada, Thirau is looking forward to once again demonstrate its ability to execute large-scale, complex work for the construction of electricity transmission lines. These contracts will strongly contribute to our 2017 results and beyond, as per the terms of each agreement," said Pierre L. Gauthier, president and chief executive officer of NAPEC.