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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2021-05-18 C$ 32.75
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Globe says SNC, Aecon win court fight over COVID delays

2021-05-19 08:53 ET - In the News

Also In the News (C-ARE) Aecon Group Inc

The Globe and Mail reports in its Wednesday edition that SNC-Lavalin and three partners building Toronto's Eglinton Crosstown light-rapid transit line have said for months that COVID-19 has caused millions of dollars in lost productivity as a result of unexpected workplace safety measures, supply-chain problems and increased worker absenteeism. The Globe's Nicolas Van Praet writes that now, a court has ruled that the four construction companies have the right to trigger a procedure in their contract with their client, Metrolinx and Infrastructure Ontario, that could give them more time to finish the project without incurring penalties and compensation for any extra costs they have assumed. The decision "could create a precedent for other construction projects that were negatively impacted by the pandemic," Desjardins analyst Benoit Poirier said. SNC is working on three infrastructure construction contracts in Toronto, Ottawa and Montreal, all of them light-rail transit systems with their own set of challenges. In Toronto, the company is part of a consortium called Crosslinx Transit Solutions that is building the Eglinton Crosstown LRT with partners Aecon, EllisDon and Dragados. Each has a 25-per-cent stake.

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