Houston, TX /PRNewswire/ - Quanta Services, Inc. (NYSE: PWR) announced today that it was selected by NextBridge Infrastructure (NextBridge) through a competitive bid process to construct the Ontario East-West Tie Line Project in northern Ontario. Through its operating subsidiary, Valard Construction, Quanta will provide comprehensive construction services, including project management, material management, construction permitting and the installation of approximately 290 miles of double circuit 230 kilovolt transmission line connecting Hydro One's Wawa Transformer Station, Marathon Transformer Station and Lakehead Transformer Station. Quanta expects construction to begin in late 2018, with completion expected in late 2020.
"Quanta is proud to have been selected by NextBridge for this critical project, which is designed to enhance the long-term reliability of the electricity supply in northwestern Ontario. We have a long track record of safely and cost-effectively executing large electric transmission projects in Canada and look forward to applying our expertise to this project," said Duke Austin, Quanta's President and Chief Executive Officer. "Further, the project is expected to create up to 700 jobs during construction and provide additional economic benefits to the local community through the purchase of goods and services necessary to support operations."
Adam Budzinski, President and Chief Executive Officer of Valard Construction added, "We have extensive relationships with local indigenous communities and look forward to working with them on this project. Additionally, Valard is known for its expertise in building infrastructure in an environmentally sensitive way."
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, oil and gas and communications industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Latin America, Australia and select other 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 or project awarded thereunder; the scope of services to be performed by Quanta for the project; the anticipated commencement and completion dates for construction of the project; the expected impact of the project on the electric power grid; the expected economic impact of the project, including with respect to employment; and the safety, efficiency or success of the project; 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 known and unknown risks and uncertainties that are difficult to predict or beyond Quanta's control, including, among others, the effects of industry, economic, financial or political conditions outside of the control of Quanta; failure to obtain regulatory or permitting approval for the project; successful performance and completion of the contract and the project awarded thereunder; delays, reductions in scope, or cancellations of the contract or the project awarded thereunder, including as a result of weather, regulatory, permitting or environmental issues, project performance, claimed force majeure events, protests or other political activity related to the project, or customer capital constraints; the potential for claims associated with Quanta's inability or failure to comply with the terms of the contract for the project, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract termination; the inability or refusal of the customer to pay for Quanta's services; failure of the customer to comply with applicable regulatory, permitting or other requirements for the project, which could result in delay or cancellation of the project; the failure of suppliers, subcontractors, equipment manufacturers and other third party contractors to perform their obligations under their contracts; adverse changes in economic conditions and trends in relevant markets; cancellation and termination provisions present in the contract; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2016, Quanta's Quarterly Reports on Form 10-Q for the quarters ended Mar. 31, 2017, June 30, 2017 and Sept. 30, 2017 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). For a discussion of these risks, uncertainties and assumptions, investors are advised to refer to Quanta's documents filed with the SEC that are available through the company's website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. 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 by any third party regarding the subject matter of this press release.
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