MONTREAL, Aug. 8, 2018 /CNW Telbec/ - SNC-Lavalin
(TSX: SNC) has been closely following developments in regards to
the media coverage and commentary of the dispute between
Canada and the Kingdom of Saudi Arabia, resulting in the
suspension of new trade with Canada. We have had questions from investors,
analysts and media, and therefore, in accordance with our
disclosure practices, we are giving this update.
We are studying the possible implications of this situation and
its possible impact on current or proposed transactions between
SNC-Lavalin Group companies and customers controlled by the
Kingdom of Saudi Arabia. We are
not able at this time to fully assess the effect on the SNC-Lavalin
Group's current and future business opportunities in the
Kingdom of Saudi Arabia.
If a widespread commercial embargo on Canadian commercial
interests in the Kingdom of Saudi
Arabia were to be implemented on a prolonged basis, there
will be an impact on our future financial performance. Please refer
to our fiscal 2017 Management Discussion & Analysis for
specific details on our historical revenues in the Kingdom of Saudi Arabia.
We greatly value our contributions to the Kingdom of Saudi Arabia over the past five
decades. Our operations are locally formed and run entities, with
Saudi Arabian partners, management and employees. We are proud of
the investment SNC-Lavalin has made in training and employing Saudi
Arabians, which has led to meaningful work and opportunities for
many people. We hope to be able to continue working with our local
partners, suppliers and staff to contribute to critical building,
infrastructure, operations and support for Saudi Arabian
industry.
We will update our shareholders as the situation develops and we
are better able to assess the effect on SNC-Lavalin.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a global fully integrated
professional services and project management company and a major
player in the ownership of infrastructure. From offices around the
world, SNC-Lavalin's employees are proud to build what matters. Our
teams provide comprehensive end-to-end project solutions –
including capital investment, consulting, design, engineering,
construction, sustaining capital and operations and maintenance –
to clients across oil and gas, mining and metallurgy,
infrastructure, clean power, nuclear and EDPM (engineering design
and project management). On July 3,
2017, SNC-Lavalin acquired Atkins, one of the world's most
respected design, engineering and project management consultancies,
which has been integrated into our sectors.
www.snclavalin.com
SOURCE SNC-Lavalin