Toronto, Ontario – April 5, 2022: Aecon Group Inc. (TSX: ARE) announced today that it has been awarded a US$170 million contract by the Government of Saint Vincent and the Grenadines, represented by the Ministry of Urban Development, Energy, Airports, Seaports, Grenadines Affairs and Local Government for the design and build of the Kingstown Port Modernisation Project Works, Lot 1: Primary Cargo Port, in Saint Vincent and the Grenadines. The value of the contract will be added to Aecon’s Construction segment backlog in the second quarter of 2022, with an initial design period expected to commence in May 2022. Construction is expected to commence in the fourth quarter of 2023, with an anticipated duration of two and a half years.
The primary scope of work includes designing and building a cargo port and relocating a sewer outfall line, as well as road upgrades and strengthening within the port catchment area in Kingstown. Additional scope includes work on the terminal area of approximately 6.5 hectares on seaward reclaimed land, a sheet pile quay wall of 380 metres in length, as well as sheet pile walls of 130 metres in length on both sides of the reclaimed area, a container storage yard, and break-bulk vehicle storage and maintenance areas. Terminal buildings will include administration and customs, workshops, warehouses, and a container freight station.
The project is being financed by the Caribbean Development Bank, The United Kingdom Caribbean Infrastructure Fund and the Government of Saint Vincent and the Grenadines. The construction contract will be supervised by Sellhorn Ingenieurgesellschaft mbH (Germany).
“We are proud to bring our proven, global expertise to modernize and improve infrastructure to the port services project in Saint Vincent and the Grenadines – facilitating critical improvements that will enhance economic opportunities and access to goods and services,” said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. “This project demonstrates our international development capabilities as we continue to grow and diversify our business. We look forward to working with the Government of Saint Vincent and the Grenadines to deliver this essential and climate-resilient infrastructure.”
As a Canadian leader in construction and infrastructure development with global expertise, Aecon Group Inc. (TSX: ARE) strives to be the number one Canadian infrastructure company and is proud to be recognized as one of the Best Employers in Canada. Aecon safely, profitably and sustainably delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment and management services through its Concessions segment. Join our online community on Twitter, LinkedIn, Facebook and Instagram @AeconGroup.
Statement on Forward-Looking Information
The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein, as discussed in greater detail in Section 13 – “Risk Factors” in the Management’s Discussion and Analysis filed on March 1, 2022. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information:
SVP, Corporate Development and Investor Relations
Vice President, Corporate Affairs