Houston, TX /PRNewswire/ - Quanta Services, Inc. (NYSE: PWR) today announced that Valard Construction (Valard), a Quanta Services company, was selected by Labrador-Island Link Partnership, a subsidiary of Nalcor Energy, to install transmission infrastructure for the Labrador-Island Transmission Link project. Valard will install approximately 684 miles (1,100 kilometers) of 350-kilovolt overhead high-voltage direct current (HVdc) transmission line running from the Muskrat Falls Hydroelectric Generating Facility in central Labrador to Newfoundland's Avalon Peninsula.
"Valard has a proven track record of delivering large transmission projects in Canada and we are confident in their capability to complete this critical component of the Muskrat Falls Project," said Gilbert Bennett, vice president, Lower Churchill Project for Nalcor Energy.
Quanta Services has mobilized resources for the Labrador-Island Transmission Link project and expects the project to be completed during the summer of 2017. Valard's scope of work includes all construction aspects of the project, including geomatic services, management of right-of-way clearing, access and reclamation, installation of concrete foundations, tower assembly and erection and conductor stringing.
"This is the largest individual transmission project ever awarded to Quanta, which reflects Nalcor Energy's confidence in our ability to safely deliver this project on schedule. Quanta brings significant scope, scale and financial resources, as well as a track record of safely executing large, complex projects, to the Labrador-Island Transmission Link," said Jim O'Neil, president and chief executive officer of Quanta Services. "Once the project is complete, we plan to maintain a long-term presence in the area to further support the province's future energy infrastructure needs."
"Valard is proud to be part of this historic energy project in Newfoundland and Labrador," said Adam Budzinski, president of Valard Construction. "In addition, construction of the Labrador-Island Transmission Link provides job opportunities to our large Newfoundlandand Labrador workforce currently working on projects in Alberta and British Columbia, which should positively impact the local economy."
About Valard Construction and Quanta Services
Based in Edmonton, Alberta, and founded in 1978, Valard 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. For more information, visit www.valard.com.
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and oil and gas industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy infrastructure. Additionally, in certain markets Quanta licenses fiber optic telecommunications infrastructure, offers lit network management services and provides 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, 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 local economy and job market and on the electric power grid and infrastructure reliability, expectations regarding the business outlook, growth or opportunities in particular markets, the business plans or financial condition of our customers, Quanta's plans and strategies, 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 industry; 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 Quanta generally, including risks detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2013, Quanta's Quarterly Reports on Form 10-Q for the applicable quarters in 2014 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.
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