NAPEC Inc. Announces New Contracts With a Total Value of Close to $60.0 Million
DRUMMONDVILLE, QUEBEC--(Marketwired - Apr 12, 2017) - NAPEC Inc. ("NAPEC" or the "Corporation") (NPC.TO) today announced that its subsidiaries have recently been awarded new contracts representing an aggregate value estimated at close to $60.0 million.
First, the U.S. subsidiary Riggs Distler & Company, Inc. ("RDC") was awarded two contracts with a total value of approximately US $40.0 million, equivalent to about Cdn $53.4 million based on the current exchange rate. These agreements include :
A contract to build a 31 mile 138kv/69kv dual circuit overhead transmission line spanning the Maryland and Virginia border. The contract calls for the installation of 451 steel poles, on either a new foundation or new vibrated caisson, and of six new conductors. It also includes the management of all environmental matting, civil works, and erosion and sediment control. Work began in the first quarter of 2017 and is scheduled for completion in early 2018.
A contract from an existing customer for the construction of a 20 MW ground-mounted photovoltaic system in Southern New Jersey. This contract includes the installation of posts, racking, modules, equipment, as well as all associated trenching, conduit, and wire installation. RDC is also carrying out the associated overhead and underground electric distribution work for this project, which started in the first quarter of 2017 and is scheduled for completion in the second quarter of 2017.
Second, the Canadian subsidiary Thirau Inc. ("Thirau") obtained two contracts from Hydro-Québec with an aggregate value of approximately $6.3 million. These agreements include:
A contract to rebuild an existing substation and a 69 kv electricity transmission line connected with the Ste-Odile substation, near Rimouski in Eastern Québec. This contract is expected to be completed in the third quarter of 2018.
A contract for the replacement of PK type circuit breakers as part of Hydro-Québec's 2017 annual replacement program.
"These contracts highlight the wide range of NAPEC's service offering. The work awarded to RDC includes the provision of several high value-added activities, which further enhances our status as a reliable contractor in the U.S. electricity transmission and solar energy markets. Meanwhile, Thirau remains a leading player in Québec given its solid, longstanding relationship with Hydro-Québec and its numerous expertise areas. 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.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events.
OVERVIEW OF THE CORPORATION
NAPEC is a company operating in the energy sector. The Corporation is a leading provider of construction and maintenance services to the public utility and heavy industrial markets, mainly in Québec, Ontario, and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution systems and natural gas networks. The Corporation also installs gas-powered and electric-powered heavy equipment for utilities, gas-fired industrial power plants, petrochemical facilities, and solar panel farms in North America. The Corporation also offers environmental construction and road matting services.
Additional information on NAPEC can be found in the SEDAR database (www.sedar.com) and on the Corporation's website, at www.napec.ca.
