05/31/2011 11:19 EDT | Updated 07/31/2011 05:12 EDT

Aecon Wins $150-Million Water Supply Contract In Vancouver

(The Canadian Press) -- VANCOUVER - Construction company Aecon Group Inc. (TSX:ARE) says a joint venture in which its infrastructure division is participating has been awarded a project with Metro Vancouver to build a water supply tunnel under the Fraser River in Greater Vancouver.

The contract has a value of $150 million. Toronto-based Aecon is a 40 per cent partner in the joint venture, which also includes McNally International Inc. of Hamilton.

The contract forms part of Greater Vancouver's water transmission system risk management program.

Under the contract, the joint venture will dig shafts and excavate a new tunnel under the Fraser River from Surrey to Coquitlam, B.C. as well as install a new pipeline and other equipment.

The work is slated for completion is expected in the summer of 2014.

"This is the third large heavy civil infrastructure award that Aecon has been part of in British Columbia in the past two years," Teri McKibbon, Aecon's chief operating officer, said Tuesday. "It reinforces Aecon's position as a leader in B.C.'s civil construction sector."