Bird Adds Industrial Recurring Revenue Master Service Agreements In Ontario And Alberta
MISSISSAUGA, Ontario, Sept. 12, 2023 (GLOBE NEWSWIRE) -- 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 or
W.R. Gingrich, CFO
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6
Phone: (905) 602-4122
About Bird Construction
Bird (TSX: ) 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.
