Williams Industrial Services Group Awarded Project Controls Contract in Canada
ATLANTA--(BUSINESS WIRE)-- Williams Industrial Services Group Inc. (“Williams” or “the Company”) (OTCQX: WLMS), a construction and maintenance services company, today announced that its subsidiary, WISG Canada, Ltd. (“Williams Canada”), was awarded a one-year, C$40 million contract to manage project controls for Bruce Power in Ontario, Canada. The project is included in 2019 total backlog.
Williams Canada will provide turnkey project controls services to Bruce Power, ensuring accurate internal reporting for Bruce Power’s most important programs and projects, including approximately C$13 billion in capital investments for the refurbishments and upgrades to extend the life of six nuclear reactors. Bruce Power’s Life-Extension Program, which started in 2016, will enable the electricity supplier to operate safely through 2064, while creating 22,000 direct and indirect jobs annually. In addition, Bruce Power’s Major Component Replacement project will begin with Unit 6 in early 2020.
Kelly Powers, President – Power for Williams, commented, “This contract award is validation of our leadership in the nuclear construction and project services industry. We are able to leverage the strength of our brand, skills and experience that we have developed over 50-years in the nuclear industry in the U.S. and now create a growing presence in Canada as well. Establishing our business in Ontario with new utility customers achieves a key goal in our strategic plan to grow and diversify Williams.”
Bruce Power produces 30 percent of Ontario’s electricity at 30 percent less than the average cost to generate residential power. In 2018, the Company formed Williams Canada, a wholly-owned Canadian subsidiary, and opened a local office to support its customers in Ontario, Canada.
Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of construction, maintenance and support services to customers in energy, power and industrial end markets. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.
Additional information can be found at www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the leverage gained from historic capabilities, future opportunities in Canada, and the Company’s ability to successfully diversity its business. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including its ability to comply with the terms of its debt instruments and successfully refinance such debt, ability to engage in certain transactions and activities due to limitations and covenants contained in its debt facilities, ability to enter into new lending facilities, if needed, and to obtain adequate surety bonding and letters of credit, ability to implement strategic initiatives, business plans and liquidity plans, ability to implement strategic initiatives, business plans, and liquidity plans, and maintain effective internal control over financial reporting and disclosure controls and procedures. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced need for construction or maintenance services in the Company’s targeted markets, or increased regulation of such markets, loss of any of the Company’s major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, competition, including competitors being awarded business by current customers, damage to the Company’s reputation, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company’s stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States, including the banking environment or monetary policy.
Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the section of the Annual Report on Form 10-K for its 2018 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, Williams undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned to not to rely upon them unduly.
Deborah K. Pawlowski
Kei Advisors LLC
(716) 843-3908; firstname.lastname@example.org
Source: Williams Industrial Services Group Inc.
Released January 16, 2020