Houston, TX /PRNewswire/ - Quanta Services, Inc. (NYSE: PWR) today announced that Valard Construction, a Quanta Services company, was selected by AltaLink to install transmission infrastructure in the Conklin and Lac La Biche, Alberta, Canada, areas for the Christina Lake Area Development transmission project. Under the terms of the contract, signed in December 2013, Valard and Quanta company McGregor Construction will install approximately 62 miles (101 kilometers) of 240-kilovolt double circuit alternating current (AC) transmission line.
"Once completed, the Christina Lake Area Development transmission project will facilitate the delivery of electricity to meet increasing industrial demand for power in Alberta," said Jim O'Neil, president and chief executive officer of Quanta Services. "This project is located in a remote area of the province and will be constructed on challenging terrain. We appreciate AltaLink's confidence in Quanta and look forward to safely executing on this project."
Quanta has mobilized resources for the Christina Lake Area Development transmission project and expects the project to be completed during the first quarter of 2015. Valard's scope of work includes all construction aspects of the project, including right of way clearing, access and reclamation, environmental monitoring, tower assembly and erection and conductor stringing.
About Valard Construction and Quanta Services
Based in Edmonton, Alberta, and founded in 1978, 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. 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 throughoutNorth 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 AltaLink, 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.comor through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
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