Dominion Lending Centres Clearlease Reports SNC-Lavalin signs five-year contract with Saudi Arabia’s state-owned oil company
VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports SNC-Lavalin has signed a five-year contract with Saudi Arabia’s state-owned oil company, Saudi Aramco, to provide general engineering and project management services.
The agreement was completed alongside its joint venture partner, the Zuhair Fayez Partnership.
Under the agreement, SNC will provide engineering services for both onshore and offshore oil and gas production and processing facilities.
“Saudi Aramco has been a valued client of ours for over 15 years and we are delighted to have this opportunity to further reinforce our relationship with them and to contribute to the kingdom’s localization program to increase expertise and employment in Saudi Arabia,” SNC-Lavalin executive vice-president Jean Beaudoin said in a release.
“We are proud of the confidence they have shown in SNC-Lavalin’s technical expertise and are looking forward to working with them under this long-term contract.”
Financial details were not disclosed. But analysts believe the contract could result in up to $100 million of annual revenues to SNC’s chemicals and petroleum division.
SNC-Lavalin’s (TSX:SNC) services will be provided on a cost-reimbursable basis. These contracts typically carry gross margins of 25 to 30 per cent for the company, wrote Pierre Lacroix of Desjardins Securities.
He said the contract award should enhance SNC’s oil and gas expertise and deepen its relationship with Aramco and Saudi Arabia, which is a strategic client.
“The award should better position the firm for future mega-project awards for hydrocarbons and civil infrastructure in Saudi Arabia and/or any other global locations in the oil and gas industry.”
Maxim Sytchev of Northland Capital Partners estimated a potential value up to $75 million a year based on SNC completing nearly 500,000 hours of work.
He said the contract should be viewed positively, especially in light of several years of weakness in the chemical and petroleum segment.
The Montreal-based company will release its first-quarter results and hold its annual shareholders’ meeting on Thursday.
It is expected to report quarterly earnings of 59 cents per share on $1.6 billion of revenues, according to analysts polled by Thomson Reuters. That compares with 47 cents per share on $1.39 billion of revenues a year ago.
SNC-Lavalin is one of the leading engineering and construction groups in the world and is currently working on projects in some 100 countries. Shares in the company were off $1.15 or two per cent at $55.76 in afternoon trading Wednesday on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports SNC-Lavalin has signed a five-year contract with Saudi Arabia’s state-owned oil company, Saudi Aramco, to provide general engineering and project management services.
The agreement was completed alongside its joint venture partner, the Zuhair Fayez Partnership.
Under the agreement, SNC will provide engineering services for both onshore and offshore oil and gas production and processing facilities.
“Saudi Aramco has been a valued client of ours for over 15 years and we are delighted to have this opportunity to further reinforce our relationship with them and to contribute to the kingdom’s localization program to increase expertise and employment in Saudi Arabia,” SNC-Lavalin executive vice-president Jean Beaudoin said in a release.
“We are proud of the confidence they have shown in SNC-Lavalin’s technical expertise and are looking forward to working with them under this long-term contract.”
Financial details were not disclosed. But analysts believe the contract could result in up to $100 million of annual revenues to SNC’s chemicals and petroleum division.
SNC-Lavalin’s (TSX:SNC) services will be provided on a cost-reimbursable basis. These contracts typically carry gross margins of 25 to 30 per cent for the company, wrote Pierre Lacroix of Desjardins Securities.
He said the contract award should enhance SNC’s oil and gas expertise and deepen its relationship with Aramco and Saudi Arabia, which is a strategic client.
“The award should better position the firm for future mega-project awards for hydrocarbons and civil infrastructure in Saudi Arabia and/or any other global locations in the oil and gas industry.”
Maxim Sytchev of Northland Capital Partners estimated a potential value up to $75 million a year based on SNC completing nearly 500,000 hours of work.
He said the contract should be viewed positively, especially in light of several years of weakness in the chemical and petroleum segment.
The Montreal-based company will release its first-quarter results and hold its annual shareholders’ meeting on Thursday.
It is expected to report quarterly earnings of 59 cents per share on $1.6 billion of revenues, according to analysts polled by Thomson Reuters. That compares with 47 cents per share on $1.39 billion of revenues a year ago.
SNC-Lavalin is one of the leading engineering and construction groups in the world and is currently working on projects in some 100 countries. Shares in the company were off $1.15 or two per cent at $55.76 in afternoon trading Wednesday on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports SNC-Lavalin signs five-year contract with Saudi Arabia’s state-owned oil company
VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports SNC-Lavalin has signed a five-year contract with Saudi Arabia’s state-owned oil company, Saudi Aramco, to provide general engineering and project management services.
The agreement was completed alongside its joint venture partner, the Zuhair Fayez Partnership.
Under the agreement, SNC will provide engineering services for both onshore and offshore oil and gas production and processing facilities.
“Saudi Aramco has been a valued client of ours for over 15 years and we are delighted to have this opportunity to further reinforce our relationship with them and to contribute to the kingdom’s localization program to increase expertise and employment in Saudi Arabia,” SNC-Lavalin executive vice-president Jean Beaudoin said in a release.
“We are proud of the confidence they have shown in SNC-Lavalin’s technical expertise and are looking forward to working with them under this long-term contract.”
Financial details were not disclosed. But analysts believe the contract could result in up to $100 million of annual revenues to SNC’s chemicals and petroleum division.
SNC-Lavalin’s (TSX:SNC) services will be provided on a cost-reimbursable basis. These contracts typically carry gross margins of 25 to 30 per cent for the company, wrote Pierre Lacroix of Desjardins Securities.
He said the contract award should enhance SNC’s oil and gas expertise and deepen its relationship with Aramco and Saudi Arabia, which is a strategic client.
“The award should better position the firm for future mega-project awards for hydrocarbons and civil infrastructure in Saudi Arabia and/or any other global locations in the oil and gas industry.”
Maxim Sytchev of Northland Capital Partners estimated a potential value up to $75 million a year based on SNC completing nearly 500,000 hours of work.
He said the contract should be viewed positively, especially in light of several years of weakness in the chemical and petroleum segment.
The Montreal-based company will release its first-quarter results and hold its annual shareholders’ meeting on Thursday.
It is expected to report quarterly earnings of 59 cents per share on $1.6 billion of revenues, according to analysts polled by Thomson Reuters. That compares with 47 cents per share on $1.39 billion of revenues a year ago.
SNC-Lavalin is one of the leading engineering and construction groups in the world and is currently working on projects in some 100 countries. Shares in the company were off $1.15 or two per cent at $55.76 in afternoon trading Wednesday on the Toronto Stock Exchange.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk