Bird Adds Industrial Recurring Revenue Master Service Agreements In Ontario And Alberta
12 September 2023 - 11:05PM
Bird Construction Inc. (TSX: BDT) announced today a newly awarded
task order under the previously announced Port Hope Area Initiative
(“PHAI”) Master Construction Contract (“MCC”) by Canadian Nuclear
Laboratories ("CNL"). Bird has also been awarded a multi-year
contract for civil works on sites in the Heartland Region of
Alberta by an undisclosed client. The combined value of the awards
is approximately $100 million, to be executed over the next three
years.
Under the task order assignment from CNL, Bird
will complete engineering investigations, characterization, and
sub-surface drilling of over 400 road allowance sites across Port
Hope. This task order falls under Bird’s overarching MCC announced
in 2022, which includes the opportunity to bid on over one billion
dollars in environmental remediation work. In addition to the
Company’s existing operations within Port Hope, this task order
reinforces Bird’s strategic position within the environmental
remediation sector as a leading full-lifecycle contractor,
positioning Bird for consistent multi-year recurring revenue
streams.
Under the new Master Service Agreement in
Alberta, the team will be assigned civil services and projects,
including earthworks, concrete works, foundations, and underground
scope. Bird has been engaged on assignments in the region since the
1970s, demonstrating a history of industry-leading expertise and a
strong client service approach.
"Bird's standing with clients as a trusted
long-term partner for construction services is underscored by the
recent multi-year awards and is an important factor driving our
growth and strong performance," noted Mr. Teri McKibbon, President
and CEO of Bird. "We continue to see robust demand for our
industrial and civil services across Canada. Our growing portfolio
of recurring revenue MSA’s, which totalled $1.1 billion at the end
of the second quarter of 2023, contributes to our diverse project
mix and enhances visibility into our future performance."
This press release contains forward-looking
information (as defined in applicable Canadian securities
legislation) that involves known and unknown risks, uncertainties
and other factors which may cause actual results, performance, or
achievements to materially differ from those expressed or implied
by the forward-looking information.
The Toronto Stock Exchange does not accept
responsibility for the adequacy or accuracy of this release.
For further information, contact:T.L. McKibbon,
President & CEO orW.R. Gingrich, CFOBird Construction Inc.5700
Explorer Drive, Suite 400Mississauga, ON L4W 0C6Phone: (905)
602-4122
About Bird Construction
Bird (TSX: BDT) is a leading Canadian
construction company operating from coast-to-coast and servicing
all of Canada's major markets. Bird provides a
comprehensive range of construction services from new construction
for industrial, infrastructure and institutional markets; to
industrial maintenance, repair and operations services, heavy civil
construction, and mine support services; as well as vertical
infrastructure, including electrical, mechanical, and specialty
trades. For over 100 years, Bird has been a people-focused company
with an unwavering commitment to safety and a high level of service
that provides long-term value for all
stakeholders. www.bird.ca
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