ClearStream Announces Three New Contract Awards
CALGARY, Alberta, Nov. 20, 2017 (GLOBE NEWSWIRE) -- ClearStream Energy Services Inc. (“ClearStream”) (TSX:CSM) (TSX:CSM.DB.A) is pleased to announce the award of three new contracts. Details of the new contracts are as follows:
- A three year operational workforce management contract with a major oilsands producer; we are expecting to commence work under this contract in late 2017;
- A contract to complete a refinery turnaround in eastern Canada in the fall of 2018; this turnaround will be completed by Clearwater Energy Services, a subsidiary of ClearStream, and represents ClearStream’s first contract award in eastern Canada;
- A two-year pipeline logistics and inspection contract expected to commence in early 2018.
These three new contracts are expected to generate $90 million in new backlog and $40 million of new revenue for ClearStream in 2018. We believe these wins are a result of ClearStream’s commitment to provide industry leading services to our valued clients across Canada by focusing on safety, quality, our employees and excellence in execution.
About ClearStream Energy Services Inc.
With a legacy of excellence and experience stretching back more than 50 years, ClearStream provides solutions to the Energy and Industrial markets including: Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and over 3,000 employees, we construct, transport and provide maintenance services that keep our clients moving forward. For more information about ClearStream, please visit www.ClearStreamEnergy.ca.
Forward Looking Statement
Certain information included in this release may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other similar expressions concerning matters that are not historical facts. Forward-looking information in this press release includes:
- The expected revenue to be earned by ClearStream from the three new contracts in 2018 and beyond
- The expected commencement date of the new contracts
- The belief that the contract wins are a result of ClearStream’s commitment to provide industry leading services to our valued clients across Canada by focusing on safety, quality, our employees and excellence in execution
Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including risks related to ClearStream’s ability to fulfill its obligations under the new contracts, conditions of capital markets, economic conditions, dependence on key personnel, interest rates, regulatory change, ability to meet working capital requirements and capital expenditures needs, factors relating to the weather and availability of labour. These factors should not be considered exhaustive. Risks and uncertainties about ClearStream’s business are more fully discussed in ClearStream’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com. In formulating forward-looking information herein, management has assumed that business and economic conditions affecting ClearStream will continue substantially in the ordinary course, including without limitation with respect to general levels of economic activity, regulations, taxes and interest rates.
Although the forward-looking information is based on what management of ClearStream consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management’s assumptions may prove to be incorrect.
This forward-looking information is made as of the date of this release, and ClearStream does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
For further information, please contact:
Chief Financial Officer
ClearStream Energy Services Inc.
Executive Chairman and Interim CEO
ClearStream Energy Services Inc.