Flint Energy Services Ltd. Announces Oil Sands Module Fabrication Contract Award

abarrelfullabarrelfull wrote on 23 Nov 2011 09:08
Tags: canada engineering flint oil-sands

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Flint Energy Services Ltd. ("Flint", the "Company") announced today that it has been awarded a module fabrication contract valued in excess of $20 million for a major oil sands producer.

The work will be completed by Flint Fabrication and Modularization Ltd., a division of Flint based in Sherwood Park, Alberta. The scope of work will be to fabricate electrical, pipe rack and equipment modules for installation at a SAGD expansion project near Fort McMurray, Alberta. Work will commence in January of 2012 and continue through June of 2012. The project will employ up to 250 trades personnel over the six month term of the contract.

W. J. (Bill) Lingard, President and Chief Executive Officer of the Company said, "This contract represents one in a number of new contract awards Flint has recently won, adding to a growing backlog of work in our Facility Infrastructure segment for 2012 and 2013. We are bidding on a number of other projects and expect to see additional awards in the near future." The backlog of work as of September 30, 2011 in the Facility Infrastructure segment was reported as $740 million in the Company's third quarter earnings release.

Mr. Lingard added, "The volume of oil sands construction work approved and sanctioned for 2012 through 2014 will likely surpass the previous peak of construction that we saw in 2006 through 2009. The key difference we are seeing in this cycle is industry has a more disciplined approach to development, better planning, and improved cost controls. We expect to see peak demand for labour in 2014 and Flint, along with other construction companies will be actively recruiting construction workers from across Canada. Where necessary, industry will also have to be looking to global sources for highly skilled and qualified labour when we have exhausted all available Canadian sources for qualified labour. The key message for our Canadian youth is to consider careers in recognized construction trades. In the next few years, we expect there will be a lot of work and opportunities within construction trades in Alberta."

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