Feb 8, 2021   SOURCE: PR NewsWire

Bird Construction Inc. Announces Its Wholly Owned Subsidiary, Stuart Olson Industrial Projects Inc. Has Been Awarded A Five-Year MRO Contract For Bundled Industrial Services Valued In Excess Of $550 Million

LISTING: TORONTO STOCK EXCHANGE
SYMBOL: BDT

MISSISSAUGA, ON, Feb. 8, 2021 /CNW/ - Bird Construction Inc. (TSX: BDT) announced today that its wholly owned subsidiary, Stuart Olson Industrial Projects Inc., has been awarded a five-year contract valued in excess of $550 million to provide maintenance, repair and operations (MRO) services for a longstanding industrial customer in Alberta.

Under the terms of the multi-site, multi-use agreement, the Industrial Maintenance team will deliver a multi-disciplined offering for maintenance services, turnarounds and sustaining capital construction projects, drawing on the full suite of services of both Stuart Olson and Bird. Estimated 2021 revenues will be recorded into Backlog in the first quarter of 2021; the remaining value of the contract will be recorded in Pending Backlog.

"Our Industrial Maintenance team has maintained a best-in-class service offering in addition to a focus on an unparalleled client-first relationship. I am proud to see their hard work recognized through the renewal of this significant contract for an additional five years," said Mr. Teri McKibbon, President and CEO of Bird. "One of the key pillars of our company's growth strategy is to continue to increase our recurring revenue streams as they reduce seasonality and provide good visibility over time. The announcement today further validates our Stuart Olson acquisition and exemplifies our strategic focus and commitment to deliver sustainable, profitable growth and build long-term shareholder value."

                                     Non-GAAP Measure
                          "Pending Backlog"
               has no
                           standardized meaning under IFRS and is
                           considered a non-GAAP measure.
                           Therefore, this measure may not be
                           comparable with similar measures
                           presented by other companies. Pending
                           Backlog is the total potential revenue of
                           awarded but not contracted projects
                           including where the Company has been
                           named preferred proponent, where a
                           contract has not been executed and where
                           the letter of intent or agreement
                           received are non-binding.  It may also
                           include amounts for agency relationship
                           construction management projects, pre-
                           construction activities and estimated
                           future work orders to be performed as
                           part of master service agreements.
                           Management does not provide any assurance
                           that a contract will be finalized, or
                           revenue recognized in the future.
                              Pending Backlog cannot be reconciled
                              to any IFRS measure. Further details on
                           non-GAAP measures are included in the
                           Company's Management's Discussion and
                           Analysis and available through the System
                           for Electronic Document Analysis and
                           Retrieval at www.sedar.com.




                        This press release contains forward-
                         looking information (as defined in
                         applicable Canadian securities
                         legislation) that involves known and
                         unknown risks, uncertainties and other
                         factors which may cause 
              actual
                         results, performance, or achievements to
                         materially differ from those expressed or
                         implied by 
              the forward-
                         looking information.




                        The Toronto Stock Exchange does not
                         accept responsibility for the adequacy
                         or accuracy of this release.




                            For further information contact:
                 T.L. McKibbon, President & CEO or

                W.R. Gingrich, CFO

                Bird Construction Inc.
                 5700 Explorer Drive, Suite 400
                 Mississauga, ON L4W 0C6

                Phone: (905) 602-4122




                            About Bird Construction
    Bird (TSX:BDT) is a leading Canadian
     construction company operating from
     coast-to-coast and servicing all
     of Canada's major markets. Bird
     provides a comprehensive range of
     construction services from new
     construction for industrial,
     commercial, and institutional
     markets; to industrial maintenance,
     repair and operations services,
     heavy civil construction, and
     contract surface mining; as well as
     vertical infrastructure including,
     electrical, mechanical, and
     specialty trades. For over 100
     years, Bird has been a people-
     focused company with an unwavering
     commitment to safety and a high
     level of service that provides long-
     term value for all stakeholders.
     www.bird.ca

SOURCE Bird Construction Inc.