Energy

ClearStream Energy announces $243m in new projects and contracts

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By Louis Allen - 
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ClearStream Energy (TSX: CSM) has announced a range of new projects and contracts booked between 1 July and 9 August this year, worth an estimated $243 million.

The work will take place across ClearStream’s five divisions, Flint, Environmental, Universal Weld Overlays, Wear Technologies, and ClearWater, which will be 20% completed in 2022, with the remaining to be completed between 2023 and 2025.

The projects will comprise heavy equipment operators, maintenance, turnarounds, fabrication, facility construction, corrosion and abrasion wear technologies, and abandonment and reclamation services.

ClearStream Energy’s newly appointed chief executive officer Barry Card said the company’s continued efforts have led to further contracts and projects being awarded.

“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,” he said.

“We are proud to execute this work across a range of end markets, such as Energy, Forestry and Agriculture.”

The Calgary-based company provides upstream, midstream and downstream production services, including maintenance and turnarounds, facilities and construction, welding and fabrication and environmental services.

Recent ClearStream highlights

ClearStream completed 20 turnaround projects in the second quarter of 2022 and reported June quarter revenue of $173 million, a 79% increase from the corresponding quarter in 2021.

Mr Card said the company reached record activity levels throughout the quarter.

“Activity levels in the second quarter reached record levels as we successfully completed 20 turnaround projects to build and maintain the integrity of our customers’ infrastructure,” he said.

“We onboarded over 2,000 employees to support these projects. We are proud of our employees who delivered these services in a safe and timely manner.”

“We have been working closely with our customers, suppliers and stakeholders to proactively manage inflationary cost pressures and material shortages in the first half of the year,” Mr Card said.

“This will continue to be a key focus in the second half of the year,” he added.