Aecon reports record $6.4B backlog of mostly major infrastructure projects for Q2
By Jillian MorganFinancing Infrastructure
TORONTO—Aecon Group Inc. posted a record $6.4 billion backlog for Q2 as the dust settles over its controversial blocked sale to a Chinese construction company by the federal government in May.
The backlog, exceeding the company’s 2016 record of nearly $5 billion, is comprised of mainly major infrastructure projects, namely Toronto’s Finch West LRT and the Réseau express métropolitain LRT in Montreal.
Aecon booked $2.6 billion in new contracts in Q2 — up from $687 million in 2017 — including a $475 million project at Bruce Nuclear Generating Station in Kincardine, ON and a $282 million pipeline construction contract for Enbridge’s Line 3 Replacement project in Manitoba.
Following the end of Q2, Aecon was awarded a $248 million contract for the F.G Gardiner Expressway Rehabilitation project in Toronto.
An Aecon joint venture was also one of four contractors conditionally awarded to construct the proposed Coastal GasLink Pipeline project in British Columbia – a total value of $2.8 billion.
The company also announced this week that a new joint venture with Mikisew Group of Companies was recently awarded two contracts totalling $100 million for civil and earthworks projects at the Fort Hills oilsands in Alberta.
CEO John Beck said he expects the increase in backlog to drive revenue in the second half of 2018 and in 2019. Beck will step down as CEO in September with the recent appointment of Jean-Louis Servranckx.
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