Flint Energy Services Ltd. (Flint, the Company) announced that it has been selected as the construction contractor for a major SAGD oil sands project in the Wood Buffalo Region near Fort McMurray, Alberta. The contract involves field construction and is valued at approximately $430M.
Flint will be responsible for the construction of two major silos of work within the central plant facility. The scope of the project consists of Flint's traditional mechanical and electrical direct field activities, as well as construction management and support.
Flint's work will commence in the first quarter of 2012 and will continue until mid-2014. Flint anticipates this project will employ over 1,500 people at peak.
W. J.(Bill) Lingard, President and Chief Executive Officer said, "We are very pleased to have been selected as the construction partner to work on this significant oil sands development. This is a large construction project and it demonstrates the increasing activity levels in oil sands capital investments."
Mr. Lingard went on to say, "With this latest contract award, the backlog of work for our Facility Infrastructure segment now sits at $740M and we have good line of sight on our revenues for 2012 and 2013. We also have bids in play with other customers and we expect to win additional contract work later this year and in early 2012."
Earlier this year, the company reported $300M in additional backlog from two other oil sands projects. The Company currently has over 1,400 workers engaged in work on these projects.
About Flint Energy Services Ltd
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; infrastructure construction; oilfield transportation; and maintenance services. With more than 9,000 employees, Flint provides this unique breadth of products and services through over 65 strategic locations in the oil and gas producing areas of Western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector.
SOURCE: Flint Energy Services Ltd