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NAPEC Inc. Announces Contracts With a Total Value of Approximately $245 Million

Marketwired

DRUMMONDVILLE, QUEBEC--(Marketwired - Jan. 14, 2016) - NAPEC Inc. ("NAPEC" or "the Corporation") (NPC.TO) today announced that its subsidiaries have been awarded several contracts representing an aggregate value of approximately $245 million, based on current exchange rates. All of these contracts represent new business for NAPEC and span most of the Corporation's service offering.

First, the U.S.-based subsidiary Riggs Distler & Company, Inc. ("RDC") has been awarded contracts worth a total value of US $163.8 million (Cdn $232.8 million). These agreements include:

  • An important five-year contract to provide construction and maintenance services for the gas distribution network of a major utility service provider in Pennsylvania. This long-term contract reaches out to the end of 2020.

  • Two contracts to install photovoltaic systems in New Jersey, representing a total capacity of 12.5MW. These contracts will be carried out in the first half of 2016.

  • A contract by an important Mid-West utility service provider to rebuild a 22-mile section of an electricity transmission line. Work should be carried out in the first nine months of 2016. This contract also includes the provision of matting services by Bemis, LLC, a company acquired by RDC in October 2015.

  • A two-year blanket contract, reaching out to the end of 2017, to provide construction and maintenance services for the electricity transmission network of a major utility service provider in New Jersey, Delaware, Maryland and the District of Columbia.

  • A two-year blanket contract to provide construction and maintenance services for the overhead electricity distribution network of a major utility service provider in New Jersey, Maryland and the District of Columbia. This contract spans the 2016 and 2017 calendar years.

Second, the Canadian subsidiary Thirau Inc. has been awarded three contracts with an aggregate value of approximately $12.9 million. These agreements include:

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  • A contract by Hydro-Québec for the construction of a 230kV line to connect the Rivière-Nouvelle wind farm, in the Gaspésie region, to the electricity transmission network. Execution of the contract is expected to begin in February 2016 and should be carried over a nine-month period.

  • The renewal by Hydro-Québec, under an extension option, of a contract for the construction, maintenance and modification, on demand, of overhead electricity distribution networks in the province of Québec. The one-year extension is for calendar year 2016.

  • A contract by an important electricity distribution company in Ontario to provide construction and maintenance services for its overhead and underground networks. Work will be carried out between January and June 2016.

"These contracts demonstrate the wide extent of NAPEC's service offering and geographical coverage, as well as our solid relationships with leading utility service providers. We are very pleased with the long-term mandate to construct and maintain a gas distribution network, as it validates our strategic decision to focus on this growing market. In addition, the Mid-West contract highlights the benefits of our recently-acquired expertise in matting services that we are gradually leveraging across our network. Finally, the agreements to install photovoltaic systems and one of the Hydro-Québec contracts show our subsidiaries' leading position in the renewable energy market", 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 corporation operating in the energy sector. The Corporation is a leading service provider to the public utility and heavy industrial markets mainly in Quebec, Ontario and the eastern United States. NAPEC and its subsidiaries build and maintain electrical transmission and distribution grids, as well as networks for gas utilities. In addition, the Corporation installs gas-powered and electric-powered heavy equipment for utilities, gas-fired industrial power plants, and petrochemical facilities in North America.

Further information regarding NAPEC is available in the SEDAR database (www.sedar.com) and on the Corporation's website at www.napec.ca.