SOURCE: Gemini Corporation
CALGARY, AB--(Marketwired - August 29, 2014) - Gemini Corporation (TSX VENTURE: GKX) is pleased to announce that it has finalized its contract with one of its key clients for the design and construction of a major oil rail loading facility in western Canada.
Gemini is undertaking the project on a Design-Build basis by combining its engineering, procurement, fabrication and construction services. The Corporation completed the front-end engineering design work on this project under its existing alliance agreement with the client. The scheduled completion date for the facility is mid-2015, barring any unforeseen delays. Mobilization to the site is imminent and therefore Gemini's backlog for the final few months of 2014 and the first half of 2015 has been significantly strengthened. Under the terms of the contract, the Corporation is not permitted to disclose the client or the value of the project for competitive reasons.
The scope of this project includes design, facility construction, modification of an oil storage facility, associated pipelines, installation of a crude oil unit train loading facility, and a rail yard capable of accommodating in excess of 300 rail cars. The facility is one of several Canadian projects that have recently emerged to carry crude oil production as alternatives to export pipelines.
The Corporation has been continuing to expand its capacity and capability to undertake these types of contracts for a variety of clients in the oil and gas sector. The market is shifting toward Design-Build project execution for medium-sized projects at a fairly rapid pace and strategically the Corporation has been repositioning to be able to compete effectively in this market.
"We are very pleased to be able to commence the next phase of this important project for our client," said Doug Lautermilch, Gemini's President and CEO. "There has been a significant amount of collaboration between our team and the client's team and we are excited to be kicking off the site work. This is an important step in Gemini's Design-Build evolution and we are confident in our ability to deliver this project in a timely manner for our client."
About Gemini Corporation
Gemini Corporation is a professional services firm that designs, builds and maintains energy and industrial facilities. Founded in 1982, Gemini combines its engineering and field service capabilities to increase project efficiency and provide a single point of accountability. The Corporation's principal target markets are in-situ heavy oil, midstream, oil and gas production, and oil and gas processing facilities.
Shares of Gemini trade on the TSX Venture Exchange under the symbol "GKX". For more information about the Corporation and its services, go to www.geminicorp.ca.
This news release may contain forward looking information that represents Gemini's internal projections, expectations, estimates or beliefs concerning, among other things, future operating results and various components thereof or Gemini's future economic performance. All statements other than the statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expects", "projects", "plans", "anticipates", and similar expressions. The projections, estimates and beliefs contained in such forward-looking statements are based on management's assumptions relating to Gemini's performance and competition within the sectors in which it competes, the continuation of the current regulatory and tax regimes in the jurisdictions in which Gemini operates, and necessarily involve known and unknown risks and uncertainties, including risks and assumptions relating to client service demand, field service costs, labour rates, and other factors that may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted or suggested. The Corporation does not undertake to update any forward-looking information in this document whether as to new information, future events or otherwise.
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