SNC Lavalin Group Inc.AOTCPK - Current
SNC-Lavalin: Keep Calm And Carry On
SNC-Lavalin Group - Hang On The Storm Is Almost Over
Brian Langis • 17 Comments
Brian Langis • 17 Comments
Thu, Nov. 3, 9:00 AM
Thu, Oct. 27, 10:58 AM
- Saudi Aramco has shortlisted four companies as it seeks to create a new entity to manage non-oil infrastructure projects assigned by the government, Bloomberg reports.
- Aramco has listed SNC-Lavalin (OTCPK:SNCAF), Jacobs Engineering (NYSE:JEC), Atkins Faithful & Gould and Dar Al-Handasah Consultants, according to the report.
- The government has said it plans to transform Aramco from an oil and gas company into an industrial conglomerate as part of efforts to prepare the kingdom’s economy for the post-oil era.
Thu, Sep. 29, 10:47 AM
- SNC-Lavalin (OTCPK:SNCAF) sinks as much as 6% in Toronto trading after cutting its FY 2016 adjusted profit forecast for its engineering and construction business because of cost overruns on two oil and gas projects in the Middle East.
- The company says it expects full-year adjusted EPS for the core business at C$1.30-C$1.60, lower than its previous forecast of C$1.50-C$1.70, and Q3 results will include unspecified "unfavorable cost and revenue re-forecasts” on the two projects.
- The engineering and construction business contributed two-thirds of SNC’s adjusted Q2 profit.
Thu, Aug. 4, 9:00 AM
Thu, May 5, 9:02 AM
- SNC Lavalin (OTCPK:SNCAF): Q1 EPS of C$0.64
- Revenue of C$2B (-11.5% Y/Y)
Tue, Apr. 5, 12:59 PM
- SNC-Lavalin (OTCPK:SNCAF) names Sylvain Girard as its new CFO, replacing Alain-Pierre Raynaud, as the company moves to the “next stage” of its evolution.
- Girard, who joined SNC-Lavalin in August 2014 as senior VP for finance at SNC’s power business sector, is credited with helping to improve the sector’s performance and has been corporate controller since June 2015; prior to joining SNC-Lavalin, Girard spent 14 years as CFO within GE's financial services and health care businesses in Europe.
- Raynaud was SNC’s CFO since he joining the company in mid-2013; he had spent five years as CFO of French nuclear energy company Areva followed by a stint as chairman and chief executive of Areva UK.
- Now read SNC-Lavalin cuts another 950 jobs worldwide amid restructuring
Fri, Mar. 18, 3:15 PM
- SNC-Lavalin (OTCPK:SNCAF) says it is eliminating 950 jobs around the world, including 600 in Canada, part of a larger restructuring announced last November to adjust to a weaker economy.
- SNC says it expects to save $100M/year from a series of efforts, including workforce reduction.
- The company has nearly 40K employees around the world, including almost 12K in Canada.
Thu, Mar. 3, 8:26 AM
- SNC Lavalin (OTCPK:SNCAF): Q4 EPS of C$0.44 beats by C$0.02.
- Revenue of C$2.59B (-1.1% Y/Y) beats by C$90M.
Tue, Feb. 23, 11:58 AM
- Saudi Aramco is on the verge of awarding a $500M contract to SNC-Lavalin (OTCPK:SNCAF) to build the second phase of its shale gas development in northern Saudi Arabia, WSJ reports.
- The second phase, known as System B, will add 200M cf/day of gas capacity; the scope of works for System B reportedly will include all surface components including processing facilities, wellheads and pipelines, but does not include any subsurface facilities.
- The first phase, known as system A, is being constructed by Japan’s JGC Corp.
Tue, Jan. 12, 7:57 AM
- SNC-Lavalin (OTCPK:SNCAF) and Aecon (OTCPK:AEGXF) say they received a contract worth C$2.75B (US$1.94B) for the refurbishment of the Darlington nuclear power station in Ontario.
- The companies say Darlington’s four reactors will be taken out of service sequentially for about three years to allow for the replacement of fuel channels, feeder pipes, calandria tubes and end fittings.
- The Darlington station, which is operated by the province's Ontario Power Generation, produces 20% of Ontario’s electricity.
Sep. 17, 2015, 10:40 AM
- SNC-Lavalin (OTCPK:SNCAF) says its Kentz group has been awarded a contract by Exxon Mobil (NYSE:XOM) to design and build an new oil processing facility in Iraq.
- The size of the contract is not disclosed, but Dundee Capital analysts estimate it could be worth ~$500M to SNC, which would represent 11.4% of SNC’s $4.4B oil and gas backlog at the end of Q2.
- The firm says the contract underlines SNC’s ability to source oil and gas work globally, something it believes investors do not fully appreciate.
Sep. 14, 2015, 9:17 AM
Jun. 9, 2015, 12:58 PM
- Canadian construction companies SNC-Lavalin (OTCPK:SNCAF) and Aecon (OTCPK:AEGXF) say they are part of a four-member consortium that will build and operate Toronto's new Eglinton Crosstown light rail transit project.
- Financial terms of the contract are not disclosed, but analysts estimate the project will cost as much as C$5B to build.
- The project, which SNC-Lavalin calls the largest transit investment ever in Canada, will span nearly 12 miles and include 25 stations and stops that will link to existing bus and subway routes and other transit lines; construction is expected to start in Q1 2016.
Jun. 3, 2015, 10:08 AM
- SNC-Lavalin (OTCPK:SNCAF) has been approached informally by at least two large foreign engineering firms weighing a possible takeover of the Canadian engineering and construction firm, Financial Post reports.
- Among the potential buyers said to be interested are Spanish engineering firm Actividades de Construccion y Servicios (OTCPK:ACSAF), whose subsidiaries currently partner with SNC on a number of projects, and Australia’s WorleyParsons (OTCPK:WYGPF), which has said it would like to expand its presence in Canada.
- A major concern among potential bidders is the 10-year ban on federal public works contracts SNC could face if it is convicted of criminal corruption charges, and is a key reason why the overtures so far have remained informal.
Feb. 19, 2015, 12:30 PM
- Canada’s national police force lays criminal charges against SNC-Lavalin (OTCPK:SNCAF -8.8%) for corruption and fraud in connection with an investigation into dealings with Libya.
- The Royal Canadian Mounted Police alleges that during 2001-11, SNC-Lavalin and two related entities offered or agreed to offer C$47.7M in payments to one or several unidentified Libyan officials; during the period, the entities allegedly defrauded the Libyan government and other parties of property, money or services with a value of ~C$129.8M.
- SNC says it will plead not guilty and urges that individuals, and not the company itself, be charged.
Nov. 6, 2014, 11:57 AM
- SNC-Lavalin (OTCPK:SNCAF -11.7%) announces a restructuring plan that includes cutting 4K jobs, ~9% of its workforce, and results in charges totaling C$200M over the next 18 months.
- The job cuts are part of SNC’s plan to streamline the company around more profitable oil and gas services, after purchasing Kentz Corp. for C$2.1B in August to gain revenue from energy hot spots in the Middle East and Africa.
- SNC also is lowering its earnings guidance for 2014, now seeing EPS of C$2.15-C$2.40 from an earlier target of C$2.80-C$3.05.
- The announcements came as SNC reported Q3 earnings of $0.45/, below analyst expectations for $0.81.