Aecon wins pair of oil and gas contracts in Alberta, B.C.
Terrance McKibbon stepped down as construction firm's president and CEO earlier this week after a Nov. 1 earning miss
TORONTO—A day after the president and CEO of Canadian construction firm Aecon Group Inc. abruptly stepped down, the company has disclosed two new contracts with oil and gas companies in Western Canada.
The pair of deals includes a five-year agreement with Spectra Energy for work on natural gas processing facilities in B.C. The other covers reclamation, mine support services and civil construction activities at a number of major oilsands sites in Alberta over the next five years.
The company did not disclose the value of either contract, but said they would each add recurring revenue to the company’s books.
The two new deals follow a tough quarter for the construction company. Aecon shares fell approximately 20 per cent early this month after the company’s third-quarter results missed analyst expectations.
Following the cool investor reception to its financial performance, the company announced Nov. 14 its president and CEO, Terrance McKibbon, was leaving the company—though it did not say the departure was related to the quarterly results. McKibbon had headed the company since June of 2014 and was COO for several years prior to taking over the top position.