FORT ST. JOHN, B.C., June 19, 2018 (GLOBE NEWSWIRE) -- Macro Enterprises Inc. (TSXV:MCR) (the “Company” or “Macro”) is pleased to announce that its Joint Venture with Spiecapag Canada Corp. (“Spiecapag”) has successfully negotiated and executed a construction contract with Coastal GasLink Pipeline Limited Partnership for pipeline construction services on the Coastal GasLink Pipeline Project (the “Project”).
The Macro Spiecapag Joint Venture has been selected to construct approximately 166 kilometers of a 48-inch pipeline. The Project will run approximately 670 km (416 miles) in length. The proposed pipeline will deliver natural gas from the Dawson Creek area of northern B.C. to a facility near Kitimat, B.C., where it will be converted to a liquid form for export by LNG Canada. From there, it can be shipped to markets in Asia that are currently powered by coal-fired electricity – a significant source of greenhouse gases. LNG Canada is a joint venture company comprised of five global energy companies with substantial experience in liquefied natural gas (LNG) – Shell, Petronas, PetroChina, KOGAS and Mitsubishi Corporation.
The initial estimated contract value is in excess of CAD$900 Million with a Joint Venture split of 40/60 between Macro and Spiecapag. In general, the civil work will be performed under a reimbursable type contract model while the mechanical scope will be performed under unit rates. A Final Investment Decision (“FID”) is expected to be received by Q4 2018, with a full notice to proceed issued shortly thereafter. Current in-service date of for Coastal GasLink pipeline is scheduled for Q4 2021.
Frank Miles, President and Chief Executive Officer of the Company stated, “We are thrilled to be working with our joint venture partner, Spiecapag, on this very technically challenging pipeline project. The economic benefits of this project will serve to provide numerous subcontracting opportunities for local and indigenous businesses, direct employment for over 900 personnel, and growth to the economy with development of new markets for Canadian gas. As a British Columbian based company, we are proud to be part of this ambitious project.”
Spiecapag is part of the Entrepose Group of Companies and a subsidiary of Vinci S.A. (“VINCI”). Entrepose Group is an international contractor that designs, builds and operates production, transportation and storage infrastructures for the oil and gas and other energy markets. VINCI is a global player in concessions and construction, employing more than 190,000 people in some 100 countries. VINCI is listed at Euronext’s Paris stock exchange and is a member of the Euro Stoxx 50 index.
The Company
Macro’s core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry within Canada. The Company’s corporate office is in Fort St. John, British Columbia. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company’s principal operations can be found at www.macroindustries.ca
Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the expected FID which is an underlying requirement for the construction of the Project (as defined above), the expected Project value, and the estimated dates for the commencement of construction and completion of the Project. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, remaining uncertainty relating to the FID, and the Company's ability to obtain any necessary permits, consents or authorizations required for its planned activities. Readers are referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
| For further information please contact: | |
| Frank Miles President & C.E.O. Phone: (250) 785-0033 | Jeff Redmond, CPA, CA C.F.O. & Corp. Secretary Phone: (250) 785-0033 |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.