TORONTO, Jan. 23, 2025 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) introduced in the present day {that a} three way partnership between Aecon and AtkinsRéalis has been awarded a collaborative contract by Ontario Energy Era (“OPG”) which incorporates the definition part work for the retube, feeder and boiler substitute of Items 5, 6, 7 and eight on the Pickering Nuclear Producing Station in Ontario. Aecon holds a 50% curiosity within the three way partnership and its share of the roughly $1.1 billion early works portion of the contract was added to its Building section backlog within the fourth quarter of 2024. The remaining portion of the contract is valued at roughly $1 billion, and Aecon will add its share to backlog within the first quarter of 2025.
The scope of labor is for definition part actions together with engineering, procurement of long-lead parts, and development planning for the multi-unit refurbishment. Planning and early works are underway, and completion of this part is predicted in 2026.
“This contract award builds on the success of our joint venture on the Darlington Refurbishment Project and signifies OPG’s continued confidence in our team to refurbish their reactor fleet on-time, within budget and with an unwavering commitment to safety and quality,” mentioned Jean-Louis Servranckx, President and Chief Govt Officer, Aecon Group Inc.
“Leveraging unit-over-unit lessons learned, Aecon is proud to be playing an important role as the constructor on North America’s three largest nuclear refurbishment projects – providing future generations with clean, safe, reliable, and affordable electricity while stimulating the economy and further expanding Ontario’s strong nuclear supply chain. We look forward to successfully executing this project with our long-standing client and partner,” mentioned Thomas Clochard, Govt Vice President, Nuclear and Civil, Aecon Group Inc.
“Refurbishing Pickering secures decades more of the low-carbon, reliable baseload electricity Ontario needs to meet forecasted soaring demand,” mentioned Nicolle Butcher, President and Chief Govt Officer, OPG. “Drawing on our shared experience on the on-time, on-budget Darlington Refurbishment Project, working with trusted partners like Aecon and AtkinsRéalis sets the stage for similar project excellence as we refurbish Units 5-8 at the Pickering Nuclear Generating Station.”
Presently executing OPG’s four-unit Darlington Refurbishment Challenge, Aecon and AtkinsRéalis have efficiently accomplished the refurbishment of three models forward of schedule. The challenge is over 85% full in its 10-year execution part and the three way partnership continues to attain robust security, high quality, schedule and value efficiency.
Additional details about the challenge is on the market on OPG’s web site.
About Aecon
Aecon Group Inc. is a North American development and infrastructure growth firm with international expertise. Aecon delivers built-in options to non-public and public-sector shoppers by its Building section within the Civil, City Transportation, Nuclear, Utility, and Industrial sectors, and gives challenge growth, financing, funding, administration, and operations and upkeep providers by its Concessions section. Be part of our on-line group on X, LinkedIn, Fb, and Instagram @AeconGroupInc.
Assertion on Ahead-Trying Info
The knowledge on this press launch contains sure forward-looking statements which can represent forward-looking data below relevant securities legal guidelines. These forward-looking statements are primarily based on at present obtainable aggressive, monetary and financial knowledge and working plans however are topic to dangers and uncertainties. Ahead-looking statements might embody, with out limitation, statements relating to the operations, enterprise, monetary situation, anticipated monetary outcomes, efficiency, prospects, ongoing aims, methods and outlook for Aecon, together with statements relating to: the anticipated timeline for the profitable execution and completion of the challenge and phases thereof. Ahead-looking statements might in some instances be recognized by phrases resembling “might,” “will,” “expects,” “goal,” “future,” “plans,” “believes,” “anticipates,” “estimates,” “initiatives,” “intends,” “ought to” or the damaging of those phrases, or comparable expressions.
Along with occasions past Aecon’s management, there are components which might trigger precise or future outcomes, efficiency or achievements to vary materially from these expressed or inferred herein together with, however not restricted to: the danger of not with the ability to meet contractual schedules and different efficiency necessities, the dangers related to a 3rd social gathering’s failure to carry out; the danger of not with the ability to meet its labour wants at affordable prices; the danger of not with the ability to tackle any provide chain points which can come up. These forward-looking statements are primarily based on a wide range of components and assumptions together with, however not restricted to that: not one of the dangers recognized above materialize, there are not any unexpected adjustments to financial and market situations and no vital occasions happen outdoors the extraordinary course of enterprise. These assumptions are primarily based on data at present obtainable to Aecon, together with data obtained from third-party sources. Whereas Aecon believes that such third-party sources are dependable sources of knowledge, Aecon has not independently verified the knowledge. Aecon has not ascertained the validity or accuracy of the underlying financial assumptions contained in such data from third-party sources and hereby disclaims any duty or legal responsibility in any way in respect of any data obtained from third-party sources.
Danger components are mentioned in higher element in Part 13 – “Danger Elements” in Aecon’s 2023 Administration’s Dialogue and Evaluation for the fiscal 12 months ended December 31, 2023 and Aecon’s Administration’s Dialogue and Evaluation for the fiscal quarter ended September 30, 2024, every filed on SEDAR+ (www.sedarplus.ca). Besides as required by relevant securities legal guidelines, forward-looking statements converse solely as of the date on which they’re made and Aecon undertakes no obligation to publicly replace or revise any forward-looking assertion, whether or not on account of new data, future occasions or in any other case.
For additional data:
Adam Borgatti
SVP, Company Improvement and Investor Relations
416-297-2600
[email protected]
Nicole Court docket
Vice President, Company Affairs
416-297-2600
[email protected]
