ClearStream announces $243 million in New Project and Contract Awards

CALGARY, Alberta, Aug. 09, 2022 (GLOBE NEWSWIRE) -- ClearStream Energy Services Inc. ("ClearStream") (TSX: CSM) is pleased to announce several new project and contract awards that were booked during the period from July 1, 2022 to the date of this press release. These awards are estimated to generate approximately $243 million in backlog.

The work will be executed across ClearStream's five divisions including Flint, Environmental, Universal Weld Overlays, Wear Technologies, and ClearWater; and will be comprised of Heavy Equipment Operators, Maintenance, Turnarounds, Fabrication, Facility Construction, Corrosion and Abrasion Wear Technologies, and Abandonment and Reclamation services. Approximately 20% of the work will be executed in 2022 with the balance scheduled for 2023-2025.

"ClearStream's continued commitment to customer service excellence, local community engagement, and its focus on safety, quality and predictable operational execution all contributed to these awards.   We are proud to execute this work across a range of end markets, such as Energy, Forestry and Agriculture," said Barry Card, Chief Executive Officer.

About ClearStream Energy Services Inc.

With a legacy of excellence and experience stretching back more than 50 years, ClearStream provides solutions to the Energy and Industrial markets including: Oil & Gas, Petrochemical, Mining, Power, Agriculture, Forestry, Infrastructure and Water Treatment. With offices strategically located across Canada and a dedicated workforce, we provide maintenance, construction, wear technology and environmental services that keep our clients moving forward. For more information about ClearStream, please visit www.clearstreamenergy.ca or contact:

Advisory Regarding Forward-Looking Information

Certain information included in this press release may constitute "forward-looking information" within the meaning of Canadian securities laws. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of these terms or other similar expressions concerning matters that are not historical facts. Specifically, this press release contains forward-looking information relating to new project and contract awards, including the estimated value thereof, the volume of work to be executed in 2022 and 2023-2025 and the portion of the awarded work to be executive in partnership with our local and Indigenous partners.

Forward-looking information involves significant risks and uncertainties. A number of factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking information including, but not limited to, the success of our response to the COVID-19 global pandemic, risks related to the integration of acquired businesses, conditions of capital markets, economic conditions, commodity prices, dependence on key personnel, interest rates, regulatory change, ability to meet working capital requirements and capital expenditure needs, factors relating to the weather and availability of labour. These factors should not be considered exhaustive. Risks and uncertainties about ClearStream's business are more fully discussed in ClearStream's disclosure materials, including its annual information form and management's discussion and analysis of the operating and financial results, filed with the securities regulatory authorities in Canada and available at www.sedar.com. In formulating the forward-looking information, management has assumed that business and economic conditions affecting ClearStream will continue substantially in the ordinary course, including, without limitation, with respect to general levels of economic activity, regulations, taxes and interest rates.   Although the forward-looking information is based on what management of ClearStream consider to be reasonable assumptions based on information currently available to it, there can be no assurance that actual events or results will be consistent with this forward-looking information, and management's assumptions may prove to be incorrect.

This forward-looking information is made as of the date of this press release, and ClearStream does not assume any obligation to update or revise it to reflect new events or circumstances except as required by law. Undue reliance should not be placed on forward-looking information. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.