HOUSTON, Jan. 3, 2013 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) announced today that SaskPower has selected Valard Construction, a Quanta Services company, to install transmission infrastructure for the Island Falls to Key Lake Transmission Line Project. Under the terms of the contract, Valard will build approximately 186 miles (300 kilometers) of 230-kilovolt transmission line in northern Saskatchewan. The project scope includes foundation construction, installation of approximately 900 transmission towers, wire stringing and related project management.
"Growing economic development in northern Saskatchewan has created an increased need for power. SaskPower is investing in its electricity system to ensure it meets the power needs for our region, today and in the future," said Robert Watson, president and chief executive officer of SaskPower.
To minimize environmental impact, the route of the new transmission line will parallel an existing SaskPower transmission line. Valard has initiated engineering activities and the project is expected to be complete in the spring of 2015. Once in service, the new transmission line should increase reliability and provide infrastructure to meet the growing demand for power in northern Saskatchewan.
"Valard enjoys a strong working relationship with SaskPower, and we are eager to leverage our knowledge of the region, experience and resources on another initiative to strengthen the region's electric power infrastructure," said Jim O'Neil, president and chief executive officer of Quanta Services. "With the largest highly skilled and mobile power infrastructure workforce in Canada, we anticipate another safe and successful project."
"Valard opened a corporate office in Saskatoon last year as part of our ongoing commitment to Saskatchewan," said Adam Budzinski, president of Valard. "We look forward to constructing the Island Falls to Key Lake project and participating in the exciting growth of the province."
SaskPower maintains and operates more than 152,000 km of power lines in Saskatchewan. With a rapidly developing economy and the second largest service area in Canada, renewing and replacing transmission and distribution infrastructure is a corporate priority. For more information, visit www.saskpower.com.
About Valard Construction and Quanta Services
Based in Edmonton, Alberta, Valard Construction is Quanta Services' largest operating unit in Canada. Valard is a leading full-service engineering, procurement and construction (EPC) contractor, skilled in providing turnkey solutions for power system requirements throughout Canada. Valard was founded in 1978 and comprises a workforce of 1,400 trades-related people, 600 pieces of dedicated utility equipment and an experienced management team. For more information, visit www.valard.com.
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline industries. With operations throughout North America and in select international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to: any expected value of the contract with SaskPower, the scope, services, terms and results of the project awarded under the contract, the anticipated completion date for the project, the safety, efficiency or success of the project, the impact of the project on the electric power grid and infrastructure reliability, and prospective growth in the demand for power and related infrastructure, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, the effects of industry, economic or political conditions outside of the control of Quanta; successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contract or the project; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion of the project; the failure of Quanta's subcontractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; future growth in the electric utility and renewable energy industries; delays, reductions in scope or cancellations of the contract or the project awarded thereunder, including as a result of weather, regulatory or environmental issues; the inability of customers to pay for services; cancellation and termination provisions present in the contract; occupational health and safety matters; and other factors affecting the business of the Quanta generally, including risks detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2011, Quanta's Quarterly Reports on Form 10-Q for the applicable quarters in 2012 and any other documents of Quanta filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's web site at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
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SOURCE Quanta Services