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Aecon consortium selected to redevelop the Cyril E. King Airport and Henry E. Rohlsen Airport in the U.S. Virgin Islands

TORONTO, March 26, 2024 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) ("Aecon") announced today that VIports Partners ("VIports"), an Aecon-led consortium, has been selected by the U.S. Virgin Islands Port Authority ("VIPA") to redevelop the Cyril E. King Airport in St. Thomas and the Henry E. Rohlsen Airport in St. Croix under a collaborative Design, Build, Finance, Operate and Maintain ("DBFOM") Public-Private Partnership model.

VIports is comprised of Aecon, Tikehau Star Infra, Consigli Benton Joint Venture (J. Benton Construction) and Avports. Aecon Concessions will hold a 50% equity interest in the 40-year concession with Tikehau Star Infra also holding 50% of the equity. Aecon, as Design-Build lead, will also have a 50% interest in the Design-Build joint venture together with local partner J. Benton Construction. Avports will serve as the operations and maintenance partner.

Under a transition phase agreement, VIports and VIPA will negotiate and finalize various elements of the project over a nine-month period. Upon successful completion of the transition phase, financial close is expected in the first quarter of 2025.

"We are pleased to be selected for this transformational project, bringing our experience delivering airports globally and our team's comprehensive expertise to the full project lifecycle," said Jean-Louis Servranckx, President and Chief Executive Officer, Aecon Group Inc. "As we continue to pursue select international projects, this project aligns perfectly with Aecon's purpose ? building what matters to enable future generations to thrive."

"We are proud to provide a strong value proposition to clients around the world, offering tailor-made solutions to deliver critical infrastructure, while prioritizing local economic, social and community benefits," said Steve Nackan, Executive Vice President and President, Aecon Concessions. "This historic project for the U.S. Virgin Islands ("USVI") will significantly improve service levels and capacity, modernize amenities and passenger experience, and enhance the resiliency and sustainability of the airports. We look forward to delivering this project with our valued client and world-class partners, driven by a shared commitment to delivering a lasting legacy for USVI through this landmark project."

Further information about the project is available on the VIPA project website.

About Aecon

Aecon Group Inc. (TSX: ARE) is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its Construction segment in the Civil, Urban Transportation, Nuclear, Utility and Industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its Concessions segment. Join our online community on X, LinkedIn, Facebook, and Instagram @AeconGroupInc.  

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein, as discussed in greater detail in Section 13 ? "Risk Factors" in the Management's Discussion and Analysis filed on March 5, 2024, available through SEDAR+ (www.sedarplus.ca). Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

For further information: 

Adam Borgatti
SVP, Corporate Development and Investor Relations
[email protected]

Nicole Court
Vice President, Corporate Affairs
[email protected]

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