-Substantial completion achieved on-time
and on-budget for Unit 6 refurbishment-
TORONTO, May 11, 2023
/CNW/ - Aecon Group Inc. (TSX: ARE) ("Aecon" or the "Company")
announced today that Shoreline Power Group, a joint venture between
Aecon, SNC-Lavalin and United Engineers & Constructors in which
Aecon is the lead partner, has been awarded a $1.3 billion Fuel Channel and Feeder Replacement
(FCFR) contract by Bruce Power for Units 4, 5, 7 and 8 at the Bruce
Nuclear Generating Station in Tiverton,
Ontario. Planning work is expected to commence in the second
quarter of 2023, with construction expected to begin in the first
quarter of 2025 and completion anticipated in 2032. Aecon's
$1 billion share of the contract is
being added to its Construction segment backlog in the second
quarter of 2023.
The award for Bruce Power's four remaining units comes as
Shoreline Power Group and Bruce Power also achieved substantial
completion on the Unit 6 refurbishment on-time and on-budget,
remaining on track to return the unit to service in the fourth
quarter of 2023. As work continues to progress on Unit 3, the joint
venture is now contracted to execute FCFR work on all six of Bruce
Power's units, which will extend the life of the site to 2064
through the Bruce Power Major Component Replacement (MCR)
program.
"This contract award underscores the success of our long-term
partnership with Bruce Power and we are proud to achieve
substantial completion on Unit 6," said Jean-Louis Servranckx, President and Chief
Executive Officer, Aecon Group Inc. "Aecon is proud to deliver
infrastructure that supports a net-zero future, creates economic
benefits and helps ensure the supply of clean and reliable
electricity to meet Ontario's
growing energy demands. The success of the Unit 6 refurbishment is
a testament to the incredible work of our dedicated teams and
trades. We look forward to working with our partners, SNC-Lavalin
and United, as we move forward executing the remainder of this
critical project with an unwavering commitment to safety, quality,
schedule and cost performance."
The scope of FCFR work for all units includes internal reactor
inspections, the removal and replacement of fuel channels and
feeder tubes, as well as project management, construction
management and field execution.
About Aecon
Aecon Group Inc. (TSX: ARE) is a national Canadian construction
and infrastructure development company with global experience and
is proud to be recognized as one of the Best 50 Corporate Citizens
in Canada. Aecon delivers
integrated solutions to private and public-sector clients through
its Construction segment in the Civil, Urban Transportation,
Nuclear, Utility and Industrial sectors, and provides project
development, financing, investment and management services through
its Concessions segment. Join our online community on Twitter,
LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on Forward-Looking Information
The information in this press release includes certain
forward-looking statements which may constitute
forward-looking information under applicable securities laws. These
forward-looking statements are based on currently available
competitive, financial and economic data and operating plans but
are subject to risks and uncertainties. Forward-looking statements
may include, without limitation, statements regarding the
operations, business, financial condition, expected financial
results, performance, prospects, ongoing objectives, strategies and
outlook for Aecon. Forward-looking statements may in some cases be
identified by words such as "may," "will," "expects," "target,"
"future," "plans," "believes," "anticipates," "estimates,"
"projects," "intends," "should" or the negative of these terms, or
similar expressions. In addition to events beyond Aecon's control,
there are factors which could cause actual or future results,
performance or achievements to differ materially from those
expressed or inferred herein including, but not limited to: the
risk of not being able to meet contractual schedules and other
performance requirements; the risk of not being able to meet its
labour needs; and various other risk factors as further described
in Aecon's filings with the securities regulatory authorities which
are available under Aecon's profile on SEDAR (www.sedar.com)
including the risk factors described in Section 13 - "Risk Factors"
in Aecon's December 31, 2022
Management's Discussion and Analysis filed on SEDAR (www.sedar.com)
on February 28, 2023.
These forward-looking statements are based on a variety of
factors and assumptions including, but not limited to that: none of
the risks identified above materialize, there are no unforeseen
changes to economic and market conditions, and no significant
events occur outside the ordinary course of business. These
assumptions are based on information currently available to Aecon,
including information obtained from third-party sources. While the
Company believes that such third-party sources are reliable sources
of information, the Company has not independently verified the
information. The Company has not ascertained the validity or
accuracy of the underlying economic assumptions contained in such
information from third-party sources and hereby disclaims any
responsibility or liability whatsoever in respect of any
information obtained from third-party sources.
Except as required by applicable securities laws,
forward-looking statements speak only as of the date on which they
are made and Aecon undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Aecon Group Inc.