Flint Announces MEG Energy Award and Increase in Backlog
(TSX: FES)
CALGARY, June 20, 2011 /PRNewswire/ - Flint Energy Services Ltd. (Flint, the Company) announced today that the Company has signed a letter of intent for a major oil sands construction contract with MEG Energy. The agreement covers MEG Energy's Christina Lake Phase II SAGD project near Conklin, Alberta. The agreement includes both field construction and pipe fabrication, the latter of which will be manufactured at the Company's fabrication facilities in Sherwood Park, Alberta. Construction will begin in Q3 of 2011 with completion in Q1 of 2013. Flint anticipates its work on the project will employ over 600 people at peak.
The Company also reported it has received additional field construction work on Suncor Energy's Firebag in situ project since the first quarter of 2011. Including the new agreement with MEG Energy, the total value of the added backlog for company's Facility Infrastructure segment is approximately $300 million.
W. J. (Bill) Lingard, Flint's President and CEO, commented, "We are very pleased to have been selected as constructor for the MEG Energy project, as it continues the rebuilding of our backlog and expands the number of customers we are currently working for in the oil sands sector. The expansion of the Suncor work is a reflection of the success of our long standing relationship with Suncor. Our oil sands backlog for the near term is now secure and our outlook for oil sands capital spending and additional contract awards continues to be very optimistic."
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. Flint provides this unique breadth of products and services through over 65 locations in the active 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.
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Flint regarding future events or Flint's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. In particular, forward-looking information and statements herein include, but are not limited to, the proposed offering of notes and the use of the net proceeds from the proposed notes offering. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Flint believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.
SOURCE Flint Energy Services Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article