Quanta Services Selected by Nalcor Energy for Muskrat Falls HVac Transmission Project
HOUSTON, Dec. 18, 2013 /PRNewswire/ -- 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 weather conditions."
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.
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
SOURCE Quanta Services, Inc.
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