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Lockerbie & Hole Announces Project Delay
(Canada Newswire English Via Acquire Media NewsEdge) Attention Business Editors
TSX: LH
EDMONTON, Nov. 19 /CNW/ - Lockerbie & Hole Inc. (the "Company" or "Lockerbie"), through its joint venture led by CH2M Hill, has been informed by Fort Hills Energy L.P. ("Fort Hills") that the construction and procurement portions of its engineering, procurement, and construction services contract for the north mine site of the Fort Hills Oil Sands Project have been delayed. This delay is expected to defer approximately $30 million and $100 million in revenue for fiscal 2009 and fiscal 2010 respectively until such time as Lockerbie is instructed by Fort Hills Energy L.P. to resume its work on the project.
About Lockerbie
Lockerbie was founded in 1898 and is one of the largest mechanical construction contractors in Canada. Lockerbie is a multi-disciplined contractor providing mechanical, electrical, instrumentation, pipe fabrication, module assembly, boiler erection, insulation and civil construction services primarily to the oilsands, mining, institutional, municipal and commercial market sectors. Lockerbie is headquartered in Edmonton, Alberta.
Forward Looking Statements
This press release contains statements concerning Lockerbie's outlook and expectations regarding the timing of and continuation of the Fort Hills Oil Sands Project, the revenues from the Fort Hills Oil Sands Project and the timing of receiving such revenues. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things, the general economic, business and market conditions. Although Lockerbie believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Lockerbie can give no assurance that such expectations will prove to be correct. The forward-looking statements are based on Lockerbie's current expectations, estimates and projections, and are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, among others, oil and gas prices, the further delay or cancellation of the Fort Hills Oil Sands Project, general economic, business and market conditions and other risks as are detailed from time to time in continuous disclosure filings of Lockerbie. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. These forward-looking statements are made as of the date of this press release, and Lockerbie assumes no obligation to update or revise them to reflect new events or circumstances, except as required by applicable laws.
%SEDAR: 00025533E
Contact Gordon L. Panas, President & Chief Executive Officer or Michael G. Slapman, Chief Financial Officer at: Telephone: (780) 452-1250, Fax: (780) 452-1284, Website: www.lockerbiehole.com
Copyright ? 2008 Canada Newswire Ltd. All Rights Reserved.
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