18:40:14 EDT Tue 18 Jun 2019
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Stuart Olson Inc
Symbol C : SOX
Shares Issued 27,783,097
Close 2019-03-25 C$ 4.32
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Stuart Olson wins $120-million in new contracts

2019-03-26 08:34 ET - News Release

Mr. Daryl Sands reports


Stuart Olson Inc. has been awarded approximately $120-million in new contracts.

The industrial group has secured a new master services agreement (MSA) with an existing customer, to extend the provision of construction services in Ontario to three additional regions. The industrial group has also been awarded two contract renewals with clients in Alberta for continuing maintenance services. The new MSA and the two contract renewals each have three-year terms and a combined value of approximately $80-million.

The commercial systems group has recently been awarded a number of projects, including work on an agricultural facility in Ontario, a public facility in Alberta and a multiuse residential tower in Saskatoon. These projects have a combined value of approximately $40-million.

"These new contract awards represent important wins for our industrial and commercial systems groups," said David LeMay, Stuart Olson's president and chief executive officer. "They highlight the strength of our relationships with repeat clients and our focus on executing our geographic and sector diversification strategies."

These new contracts awards will be added to backlog in the first quarter of 2019.

About Stuart Olson Inc.

Stuart Olson provides general contracting and electrical building systems contracting in the public and private construction markets as well as general contracting, electrical, mechanical and specialty trades, such as insulation, cladding and asbestos abatement, in the industrial construction and services market.

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