CALGARY, Nov. 3, 2016 /CNW/ - Stuart Olson Inc. (TSX: SOX,
SOX.DB.A) ("Stuart Olson" or the "Company") today announced two new maintenance, repair and operations ("MRO") contract awards
valued at an estimated $130 million for its Industrial Group segment.
The awards include a contract estimated at $100 million to provide MRO services to a longstanding
oil sands customer. Under the terms of the contract, Stuart Olson's Industrial Group will deliver an
integrated bundle of electrical, instrumentation and insulation services at the customer's newly constructed facility in
Northern Alberta. Work under this contract is expected to commence in late 2016 and extend over a
period of five years.
The Industrial Group was also awarded a contract by a new customer to provide electrical and instrumentation maintenance
services at a newly constructed processing facility in Northern Alberta. The agreement is valued
at $30 million over a six-year period, with work expected to commence in 2017.
"These contract wins centre on new facilities and are significant steps in expanding our already strong portfolio of long-term
MRO contracts," said David LeMay, Stuart Olson's President and CEO.
"The awards also demonstrate the recognition by both new and existing clients of the value of our integrated package of contracting
services."
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. The Company operates office locations throughout British Columbia, Alberta, Saskatchewan,
Manitoba and Ontario. Stuart
Olson's common shares and convertible debentures are listed on the Toronto Stock Exchange under the symbols "SOX" and
"SOX.DB.A", respectively. www.stuartolson.com
Forward Looking Information
This press release contains certain statements that may constitute forward-looking information within the meaning of applicable
securities laws. This forward-looking information includes, without limitation, statements relating to the value and scope of the
new award and statements related to Stuart Olson's revenue visibility and future growth strategy.
Often, but not always, forward-looking information can be identified by the use of such words as "may", "will", "expect",
"believe", "plan", "intend", "estimate", "outlook", "forecast", "should", "anticipate" and other similar terminology, including
statements concerning possible or assumed future results. Forward-looking information is based on management's reasonable
assumptions, analysis and estimates in respect of its experience and perception of trends, current economic conditions, government
policies and expected developments, as well as other material factors that it considers to be relevant at the time of making such
statements.
The forward-looking information in this press release is included solely for the purpose of assisting investors in understanding
Stuart Olson's financial position and the results of its operations as at the date hereof. By its
nature, forward-looking information involves known and unknown risks and uncertainties, which give rise to the possibility that
management's assumptions, analysis and estimates will be incorrect and that Stuart Olson's
anticipated results will not be achieved. Although Stuart Olson believes that the statements with
respect to forward-looking information are reasonable and current, such statements should not be interpreted as a guarantee of
future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved.
Forward-looking information is necessarily subject to a number of factors that may cause actual results to differ materially from
those results implied by the expectations suggested by such information. Those factors include, without limitation, the risks and
uncertainties described in Stuart Olson's Annual Information Form filed with the securities
regulatory authorities in Canada under Stuart Olson's profile at
www.sedar.com. Readers are encouraged to consider the foregoing
risks and other factors carefully when evaluating the forward-looking information and are cautioned not to place undue reliance
upon such information when making investment decisions.
The forward-looking information in this press release is current to the date hereof, and is subject to change following such
date. While Stuart Olson may elect to do so, unless required by applicable law, it undertakes no
obligation to update this information to reflect new information or circumstances at any particular time.
SOURCE Stuart Olson Inc.
