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SNC-Lavalin comments on Canada – Kingdom of Saudi Arabia commercial relations
August 8, 2018
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.
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
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