Jacobs Receives Contracts for Alberta Oil Sands Projects
PASADENA, Calif., Oct. 11, 2011 /PRNewswire/ — Jacobs Engineering Group Inc. (NYSE: JEC) announced today that it received new contracts in the fourth quarter of fiscal 2011 from seven clients in the Alberta Oil Sands to support steam assisted gravity drainage (SAGD) and bitumen upgrading expansion projects.
Officials estimate the combined total construction value of the awarded projects at more than $1.4 billion.
Project scopes include engineering procurement and construction (EPC), front end engineering and design (FEED), fabrication and construction management (CM) on a variety of mid- and large-cap projects. The construction values on each project range in value from $15 to more than $650 million. Due to the competitive nature of the projects and strict client confidentiality, Jacobs is unable to provide specific details about the projects.
Jacobs, who has had a prominent, long term presence in the Alberta Oil Sands, is leveraging the industry leading in-situ heavy oil recovery and upgrading expertise of its offices in Calgary and Edmonton in Alberta, Canada.
In making the announcement, Jacobs Group Vice President Chip Mitchell stated, “The Alberta Oil Sands are a very important component of our business. Jacobs has a strong history in the area, and we are pleased to support our clients in these initiatives.”
Jacobs is one of the world’s largest and most diverse providers of technical, professional, and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2010 Form 10-K, and in particular the discussions contained under Items 1 – Business, 1A – Risk Factors, 3 – Legal Proceedings, and 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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SOURCE Jacobs Engineering Group Inc.