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URS Awarded Oil Sands Pipeline Construction Contract

Stocks in this article: URS

URS Corporation (NYSE: URS) announced today that the Company’s Oil & Gas division has been selected as the pipeline construction contractor for a major Steam Assisted Gravity Drainage (SAGD) oil sands project in the Wood Buffalo Region near Fort McMurray, Alberta. The contract, which has a maximum value of approximately $130 million to URS, is expected to commence in the second quarter of 2012 and to continue until mid-2013.

Under the terms of the contract, URS will be responsible for the construction of both below ground and above ground pipelines, as well as access platforms and valve stations. The project will consist of over 70 kilometers of gas, oil, water and steam lines, ranging from 8 to 24 inches in diameter.

Commenting on the contract, W. J. (Bill) Lingard, President of URS’ Oil & Gas division, said, “We’re very pleased to have been awarded this contract. It reflects our solid reputation for performance on pipeline construction projects, and our ability to deliver value to our clients.”

As previously announced, on May 14, 2012, URS completed its acquisition of Flint Energy Services Ltd, which has become the new Oil & Gas division of URS. With the completion of the acquisition, Mr. Lingard, Flint's former President and CEO, became President of URS’ Oil & Gas division.

URS Corporation (NYSE: URS) is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; information technology; and decommissioning and closure services. URS provides services for power, infrastructure, industrial, oil and gas, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 56,000 employees in a network of offices in nearly 50 countries ( www.urs.com).

Copyright Business Wire 2010

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