TORONTO, Aug. 15, 2024 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon” or the “Company”) today announced that South Fraser Station Partners, a consortium comprised of Aecon, ACCIONA and Pomerleau, in which Aecon holds a 33.3% interest, has achieved financial close on the station contract for the Surrey Langley SkyTrain project. The contract is valued at $928 million and Aecon’s share of the contract was added to the Construction segment’s backlog in the second quarter of 2024.
The Surrey Langley SkyTrain will extend the existing Expo Line along the Fraser Highway from King George Station to a new terminus in downtown Langley. The project includes the design and construction of eight stations, three transit hubs, nine substations and 250 metres of track at the SkyTrain terminus. Certain preliminary works are already underway and construction is scheduled to begin in late 2024, with completion expected in 2029.
“We look forward to working with the Province of British Columbia and our partners to implement this important transportation expansion – improving mobility in one of the fastest-growing areas in Metro Vancouver,” said Jean-Louis Servranckx, President and CEO of Aecon Group Inc. “The station contract is an integral part of the Surrey Langley SkyTrain project and we are proud to bring our expertise in implementing complex transportation projects to build sustainable infrastructure that meets the needs of future generations.”
For more information about the project, visit the British Columbia Province website.
About Aecon
Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public sector clients in the civil, urban transportation, nuclear, utilities and industrial sectors through its Construction division, and provides project development, financing, investment, management and operations and maintenance services through its Concessions division. Join our online community on X, LinkedIn, Facebook and Instagram @AeconGroupInc.
Statement on forward-looking information
The information in this news release contains certain forward-looking statements that may constitute forward-looking information within the meaning of 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, but are not limited to, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon, including statements regarding: the expected commencement and completion of the project. Forward-looking statements can be identified in some cases by words such as “may,” “will,” “expects,” “goal,” “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 that could cause actual or future results, performance or achievements to differ materially from those expressed or implied herein, including, but not limited to, the risk of not being able to meet contractual schedules and other performance requirements; the risks associated with non-performance by third parties; the risk of not being able to meet its labor needs at a reasonable cost; the risk of not being able to resolve supply chain problems that may arise. These forward-looking statements are based on a variety of factors and assumptions, including, but not limited to: none of the risks identified above occurring; the absence of unanticipated changes in economic and market conditions; and the occurrence of significant events outside the normal course of business. These assumptions are based on information currently available to Aecon, including information obtained from third party sources. Although Aecon believes these third party sources are reliable sources of information, Aecon has not independently verified the information. Aecon has not verified the validity or accuracy of the economic assumptions underlying this information from third parties and hereby disclaims any responsibility or liability with respect to information obtained from third parties.
Risk factors are discussed more fully in Section 13 – “Risk Factors” in Aecon’s 2023 Management’s Discussion and Analysis for the fiscal year ended December 31, 2023 and Aecon’s Management’s Discussion and Analysis for the fiscal quarter ended June 30, 2024, each of which has been filed on SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information:
Adam Borgatti
SVP, Corporate Development and Investor Relations
416-297-2600
[email protected]
Nicole Court
Vice President, Corporate Affairs
416-297-2600
[email protected]
