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Aecon reports three new contracts in Q2

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by The Canadian Press

TORONTO — Aecon reported three new contract awards totalling $686 million in its second quarter financial report released July 27.
Aecon reports three new contracts in Q2

The new jobs, as described in a media statement, are:

two large-diameter pipeline awards to its SA Energy Group Joint Venture totalling $289 million of which Aecon's share is $145 million. Work is expected to begin this month and reach completion in the third quarter of 2018.

an engineering, procurement and construction contract worth approximately $34 million from Inter Pipeline for work at its Kirby North Facility in Alberta. The project is expected to commence in the third quarter of 2017 with targeted completion in the fourth quarter of 2019.

a $21-million contract for mine site work in Manitoba. The project began in July 2017 and is expected to be complete in the first quarter of 2018.

Aecon also reported a backlog as of June 30 of $4.4 billion compared to a backlog of $4.4 billion at the end of the first quarter.

Revenue for the three months ended June 30 was $686 million compared to $839 million in the second quarter of 2016.

"Aecon's second quarter results demonstrate the strength of Aecon's diverse business model and related growth," said John Beck, president and CEO, Aecon Group Inc., in the statement.

"We continue to be very active bidding on the robust pipeline of opportunities in front of us that will drive revenue growth in 2018 and beyond."

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