Quanta Services Selected by Nalcor Energy for Muskrat Falls HVac Transmission
HOUSTON, Dec. 18, 2013 /CNW/ - Quanta Services, Inc. (NYSE: PWR) today
announced that Valard Construction, a Quanta Services company, was selected to
install transmission infrastructure in Labrador, Canada, for Nalcor Energy's
Muskrat Falls Project. Under the terms of the contract, Valard will install
two separate and parallel 315-kilovolt alternating current (AC) transmission
lines, each 155 miles (250 kilometers) in length, or a total of approximately
310 miles (500 kilometers). The two transmission lines will connect Nalcor
Energy's 824 megawatt (MW) Muskrat Falls hydroelectric generating facility
currently under construction with an existing 5,428 MW hydroelectric facility
and electricity infrastructure in Churchill Falls.
"Valard presented the best-value proposal to Nalcor Energy for the AC
transmission line construction," said Gilbert Bennett, vice president, Nalcor
Energy Lower Churchill Project. "We are confident in their capability to
undertake this work, backed by their strong track record of delivering large
projects in Canada."
Quanta anticipates construction of the Muskrat Falls transmission project will
begin soon and expects the project to be completed in the spring of 2016.
Valard has been awarded all construction aspects of the project, including
foundation installation, tower assembly and erection and conductor stringing.
"Once completed, the Muskrat Falls Project, including the associated
transmission lines, will deliver a reliable and clean supply of electricity to
the island of Newfoundland and will facilitate the delivery of electricity to
markets in the Maritime Provinces and Northeastern United States," said Jim
O'Neil, president and chief executive officer of Quanta Services. "Through
Valard Construction and our other electrical infrastructure operating units,
Quanta brings a history of safe execution, exceptional scope and scale and
financial resources to efficiently construct complex energy infrastructure
projects for our customers."
"Valard has constructed a number of Canada's largest and most critical
transmission lines, and we appreciate Nalcor Energy's confidence in our
ability to safely execute on this complicated project," said Adam Budzinski,
president of Valard Construction. "Valard brings a large, nation-wide skilled
labor resource pool and track record of success to this project, which is
important considering these lines will be built in remote areas in harsh
About Valard Construction and Quanta Services Based in Edmonton, Alberta,
Valard Construction is Quanta Services' largest operating unit in Canada.
Valard is a leading full-service engineering, procurement and construction
(EPC) contractor, skilled in providing turnkey solutions for power system
requirements throughout Canada. Valard was founded in 1978 and comprises a
workforce of approximately 2,700 trades-related people and an experienced
management team. For more information, visit www.valard.com.
Quanta Services is a leading specialized contracting services company,
delivering infrastructure solutions for the electric power and natural gas and
pipeline industries. Quanta's comprehensive services include designing,
installing, repairing and maintaining energy infrastructure. Additionally,
Quanta licenses point-to-point fiber optic telecommunications infrastructure
in certain markets and offers related design, procurement, construction and
maintenance services. With operations throughout North America and in certain
international markets, Quanta has the manpower, resources and expertise to
safely complete projects that are local, regional, national or international
in scope. For more information, visit www.quantaservices.com.
Forward-Looking Statements This press release (and any oral statements
regarding the subject matter of this press release) contains forward-looking
statements intended to qualify for the "safe harbor" from liability
established by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, but are not limited to: any expected value
of the contract with Nalcor Energy, the scope, services, terms and results of
the project awarded under the contract, the anticipated commencement and
completion dates for the project, the safety, efficiency or success of the
project, the impact of the project on the electric power grid and
infrastructure reliability, and prospective growth in the demand for power and
related infrastructure, as well as statements reflecting expectations,
intentions, assumptions or beliefs about future events and other statements
that do not relate strictly to historical or current facts. Although Quanta's
management believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct. These statements can be affected by inaccurate
assumptions and by a variety of risks and uncertainties that are difficult to
predict or beyond our control, including, among others, the effects of
industry, economic or political conditions outside of the control of Quanta;
successful performance and completion of the contract and the project awarded
thereunder; failure to realize the anticipated value of the contract or the
project; the potential for incurrence of damages or other claims for schedule
delays or performance shortfalls, including as a result of warranty claims
following completion of the project; the failure of subcontractors to perform
their obligations, including warranty obligations, under their subcontracts;
adverse changes in economic conditions and trends in relevant markets; future
growth in the electric utility and renewable energy industries; delays,
reductions in scope or cancellations of the contract or the project awarded
thereunder, including as a result of weather, regulatory or environmental
issues; cancellation and termination provisions present in the contract; and
other factors affecting the business of the Quanta generally, including risks
detailed in Quanta's Annual Report on Form 10-K for the year ended December
31, 2012, Quanta's Quarterly Reports on Form 10-Q for the applicable quarters
in 2013 and any other documents filed by Quanta with the Securities and
Exchange Commission (SEC). Should one or more of these risks materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those expressed or implied in any forward-looking statements.
Investors are cautioned not to place undue reliance on these forward-looking
statements, which are current only as of this date. Quanta does not undertake
and expressly disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Quanta further expressly disclaims any written or oral statements
made regarding the subject matter of this press release by any third party.
For a discussion of these risks, uncertainties and assumptions, investors are
urged to refer to Quanta's documents filed with the SEC that are available
through the company's web site at www.quantaservices.com or through the SEC's
Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
|Investors - Kip Rupp, CFA|Media - Deborah Buks and Molly LeCronier|
|Quanta Services, Inc. |Ward Creative Communications |
|713-341-7260 |713-869-0707 |
SOURCE Quanta Services, Inc.
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