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"Stuart Olson Inc is a Canada-based company. It operates in business segments that are Industrial Group, which offers services to clients in a wide range of industrial sectors including oil and gas, petrochemical, refining, water and waste water, mining, pulp and paper and power generation; Buildings Group, which includes construction, expansion and renovation of buildings for private and... see more

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Stuart Olson Inc > Stuart Olson wins $250-million in contracts

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Post by theorlando on Jan 19, 2017 12:45am

Stuart Olson wins $250-million in contracts

2017-01-18 18:56 ET - News Release

Mr. David LeMay reports

STUART OLSON AWARDED $250 MILLION IN NEW CONTRACTS

Stuart Olson Inc. has been awarded approximately $250-million in new contracts.

Stuart Olson's Buildings Group has secured construction management contracts to retrofit existing facilities at two large post-secondary institutions in Western Canada. The two new projects have a combined value of approximately $220 million.

The Industrial Group has also been awarded a five-year maintenance, repair and operations ("MRO") contract valued at an estimated $30 million. The contract is with a longstanding mining customer on a new project site in Saskatchewan and encompasses an integrated bundle of industrial services.

"These new contract awards are substantial wins for both our Buildings Group and Industrial Group," said David LeMay, Stuart Olson's President and CEO. "The two post-secondary school projects signal momentum around the approval of anticipated provincial infrastructure projects. They also represent recognition by repeat clients of the value offered by our Buildings Group through delivery of our construction management approach. The five-year MSA demonstrates our continuing success in bundling our industrial services, generating long-term MRO contracts with existing customers on new sites, and diversifying our projects across geographies and end-markets."

The new projects will be added to backlog over two quarters, with $180 million included in the fourth quarter 2016 backlog, and the remaining $70 million added to backlog in the first quarter of 2017.

About Stuart Olson Inc.

Stuart Olson Inc. provides general contracting and electrical building systems contracting in the public and private construction markets as well as electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market.

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