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North American Energy Partners – NOA – Announces FY 2012 Results

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North American Energy Partners Inc. (NYSE:NOA) announced results for the year and for the three months ended March 31, 2012.

NOA has prepared its consolidated financial statements in accordance with accounting principles generally accepted in the United States (US GAAP). Except where otherwise specifically indicated, all dollar amounts are expressed in Canadian dollars.

NOA Highlights of the Year Ended March 31, 2012


  • NAEP was awarded a five-year master services agreement with an indicative value of $500 million, covering civil construction and mining services for Suncor Energy Inc. (Suncor).
  • NOA was awarded a number of major construction projects with combined contract values of approximately $324 million:
    • two contracts covering both the shear key foundation and the mechanically stabilized earth (MSE) wall for Syncrude Canada Limited’s (Syncrude) mine relocation project,
    • the initial earthworks contract for the Joslyn North Mine Project,
    • two site development contracts at the PetroChina Dover SAGD project and
    • an above-ground industrial construction contract for the Mt. Milligan Copper/Gold Mine in Northern British Columbia.
  • NOA reached final agreement with Canadian Natural Resources Limited (Canadian Natural) on amendments to the long-term overburden removal and mining services contract (the “Canadian Natural contract”) resulting in:
    • a $38.4 million payment in recognition of past costs,
    • $47.0 million in net proceeds from the accelerated sale of certain contract-related assets to Canadian Natural and
    • an amended target-price contract structure, which includes both a minimum margin and a mechanism for NAEP to earn additional margin by achieving mutually agreed upon productivity and safety targets.
  • NOA achieved record consolidated revenues of $1 billion.
  • The Piling segment achieved a 75.6% increase in revenue and a 149.3% increase in segment profit over the prior year, reflecting improving commercial and industrial construction market demand and favourable winter weather conditions.

“The 2012 fiscal year brought significant weather and operating challenges that hampered our profitability. However, it also brought important achievements that have laid the foundation for improved performance going forward,” said Rod Ruston, NAEP’s President and CEO.

About the Company – NOA   

North American Energy Partners Inc. (NOA) is one of the largest providers of heavy construction, mining, piling and pipeline services in Western Canada. For more than 50 years, NAEP has provided services to large oil, natural gas and resource companies, with a principal focus on the Canadian oil sands. NAEP maintains one of the largest independently owned equipment fleets in the region.








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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