Hawboldt Secures Cape Sharp Tidal Winch Deal
A third Nova Scotian company has secured a multimillion dollar contract with the Cape Sharp Tidal project, which has potential to be the first grid-connected tidal array in the world. Hawboldt Industries of Chester, Nova Scotia has been awarded a $4.7-million contract for the design and manufacturing of three heavy lift winches to be used on the OpenHydro deployment and recovery barge. Cape Sharp Tidal is a partnership between OpenHydro – a DCNS company – and Emera Inc. to develop a tidal industry in Nova Scotia. “We’re pleased to award another contract to a Nova Scotia company after a competitive tender,” said James Ives, OpenHydro Chief Executive.
Davie, Aecon Announce Cooperation Agreement
Chantier Davie Canada Inc. and Aecon Atlantic Inc. announced the signing of a cooperative agreement to work on marine-related projects. Skills and knowledge sharing on joint programs. Alan Bowen, CEO of Davie, commented on the new partnership: “On our existing newbuild programs at Davie, we have built entire ship sections at six third-party facilities for assembly at Davie. This modern production methodology, which ensures a faster and therefore more cost-effective program delivery, is what allows us to compete internationally in the ship export market. Aecon Atlantic Pictou Shipyard facility is well-placed to provide support on our current and future newbuilding and repair programs.
Aecon Report Strong Q2 2014 Energy Sector Results
Canada-based Aecon Group Inc. Revenue was $590 million for the second quarter of 2014 compared to $698 million for the same period of 2013, largely due to lower revenue in Mining (as a result of lower volume of site installation work following the substantial completion of a significant project in 2013, and lower demand for contract mining services largely driven by temporary client production shutdowns in the oil sands during the second quarter). Adjusted EBITDA for the second quarter of 2014 was $13.8 million compared to $36.7 million for the second quarter of 2013 driven by the slower quarter in the Mining segment. For the first half of 2014, Adjusted EBITDA was $16.9 million compared to $25.4 million in the prior year.
Aecon Completes $150 Million Public Offering
Aecon Group Inc. announced that it has completed its previously announced public offering of $150 million aggregate principal amount of 5.5% convertible unsecured subordinated debentures due December 31, 2018. The offering of debentures was completed on a bought deal basis through a syndicate of underwriters led by TD Securities Inc. and GMP Securities L.P. Aecon has also granted the underwriters an over-allotment option to purchase up to an additional $22.5 million aggregate principal amount of debentures, exercisable in whole or in part for a period of 30 days following closing of the offering, to cover over-allotments, if any. As previously announced…
Aecon Awarded $60 Million Enbridge Terminal Project
Aecon Group Inc. announced, coinciding with an investor tour with Raymond James in Edmonton, that it has been awarded a construction contract by Enbridge Pipelines Inc. as part of Enbridge's South Edmonton Terminal Expansion Project. The project is located in Edmonton, Alberta and is an expansion of the south portion of the existing Enbridge Terminal. The scope of work for the project includes structural, mechanical and piping installation work as well as pipe fabrication which will be performed in Aecon's facility in Sherwood Park, Alberta. Work is scheduled for completion in the third quarter 2015. aecon.com
