Construction/Building — November 19, 2012North American Energy Partners Announces Divestiture of Pipeline Assets
EDMONTON, ALBERTA--(Marketwire - Nov. 19, 2012) - North American Energy Partners Inc. ("NAEP" or "the Company") (TSX:NOA) (NYSE:NOA) today announced the sale of certain Pipeline related equipment, inventory and contracts for total cash consideration of approximately $16.25 million, subject to normal closing adjustments.
"After a thorough review, we have determined that the pipeline business is not consistent with our strategy and desired risk profile going forward," said NAEP's President and CEO, Martin Ferron. "The proceeds from this transaction will help to further reduce debt and improve our balance sheet."
The sale has an anticipated closing date of November 21, 2012 and is expected to result in net proceeds of approximately $15.4 million. The net proceeds will be used to pay down the $25.7 million balance outstanding under the Company's Term B facility. The Company expects the transaction to result in a modest gain on sale of assets during the period ended December 31, 2012.
About North American Energy Partners
North American Energy Partners Inc. (www.naepi.ca) is one of the largest providers of heavy construction, mining, piling and pipeline services in Western Canada. For more than 50 years, NAEP has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. NAEP maintains one of the largest independently owned equipment fleets in the region.
Forward Looking Statements
This release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words "may", "could", "would", "should", "believe", "expect", "anticipate", "plan", "estimate", "target", "project", "intend", "continue", "further" or similar expressions. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from those in forward-looking statements include success of business development efforts, changes in oil and gas prices, availability of a skilled labour force, internal controls, general economic conditions, terms of our debt instruments, exchange rate fluctuations, weather conditions, performance of our customers, access to equipment, changes in laws, and ability to execute transactions. Undue reliance should not be placed upon forward-looking statements and we undertake no obligation, other than as required by applicable law, to update or revise those statements.
For more complete information about us you should read our disclosure documents that we have filed with the SEC and the CSA. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or SEDAR on the CSA website at www.sedar.com.
Latest Industry Press Releases
Black Diamond Group Limited Announces June Dividend (2013-06-18)
L'ACEC annonce le gagnant du prix Frank Ladner (2013-06-13)
CRCA Announces Frank Ladner Award Recipient (2013-06-13)
Pinkwood Announces Appointment of New President (2013-06-11)
|MOST POPULAR STORIES|
- Concrete parking building repairs could save costs
- New Pickering airport to help move growing population
- Pink crane a beacon of awareness at St. Joseph’s
- McMaster’s Health Sciences Campus a Gold Seal project
- SNC-Lavalin hopes Algeria police raid will help to shed light on wrong
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 457 projects with a total value of $2,805,994,117 that Reed Construction Data Building Reports reported on Monday.
$50,000,000 Brantford ON Prebid
$49,850,000 Toronto ON Prebid
$38,500,000 Scarborough ON Prebid
- Builders stack cans to topple hunger
- MTO unveils new methods for road work
- Price combined with criteria, wins bids
- Water protection needed for building envelope
- Students strut their best at Skills Canada
- OTA keeps on trucking for road funding
- Dessau CEO Jean Pierre Sauriol quits in wake of corruption scandal
- Journal of Commerce Update for the week of June 17th, 2013
- ERCB investigates Zama City, Alta pipeline spill
- Industrial headquarters opens in Nisku, Alta.
- Public protection site safety plan required with permit application
- Sprinkler fitters reach agreement after strike
- Understanding authority levels
- Federal project apprentices discussed
- Pushing for accountability in safety
- Acquisition targets LNG