Jun. 6, 2011 (PR Newswire) --
HOUSTON, June 6, 2011 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that Sharyland Utilities, L.P. (Sharyland) has awarded the company a contract for transmission and infrastructure services as part of the utility's Competitive Renewable Energy Zone (CREZ) initiative. The contract encompasses construction services for three segments of 345,000-volt transmission lines totaling approximately 220 miles in Texas.
"Quanta's resources and expertise are well-suited to meet the challenges presented by the difficult terrain and aggressive completion schedule of Sharyland's CREZ projects," said James F. O'Neil, president and CEO of Quanta Services. "We are proud to apply our industry knowledge, efficient project management and commitment to safety to help Sharyland meet their goals for delivering renewable energy to Texas consumers."
Under the contract, Quanta will oversee, manage and perform all construction activities related to the three segments: Hereford to White Deer (91.16 miles); White Deer to Silverton (66.56 miles); and Silverton to Cottonwood (64.53 miles).
"Selecting Quanta is the right decision," said Mark Caskey, Senior Vice President of Sharyland Utilities. "Quanta has a proven track record in the industry, and we are glad to have them on board to be a part of the construction phase of this project."
The CREZ initiative was established by the Texas Legislature in 2005 to help encourage the development of wind generation in Texas by facilitating the construction of needed electrical transmission lines to the areas of the state determined to have superior wind resources. These transmission lines are expected to improve the Texas electric transmission system and provide related benefits to customers.
About Sharyland Utilities
Sharyland Utilities, L.P. is a Texas-based public electric utility that is fully regulated by the Public Utility Commission of Texas. Sharyland Utilities is committed to providing quality customer service, affordable rates, safe and reliable electric delivery, and increased investment in the electric grid of Texas. Sharyland Utilities is unique in that it serves retail customers throughout Texas in both competitive and non-competitive areas of the state. Sharyland Utilities currently serves approximately 42,000 customers in 29 counties throughout Texas. Its corporate office is located in Dallas, with additional offices in Amarillo, Brady, Celeste, Colorado City, McAllen, Midland, and Stanton. Sharyland Utilities is privately-owned by members of the family of Ray L. Hunt, and is managed by Hunter L. Hunt. For more information, please go to www.sharylandutilities.com.
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunication industries. The company's comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select markets and offers related design, procurement, construction and maintenance services. With operations throughout North America, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to: any expected value of the contract with Sharyland Utilities and the scope, services, term and results of the projects awarded under the agreement, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, successful performance and completion of the contract and the projects awarded thereunder; failure to realize the anticipated value of the contract; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion; the failure of Quanta's subcontractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; future growth in the electric utility and renewable energy industries; delays, reductions in scope or cancellations of the project awarded, including as a result of weather, regulatory or environmental processes; dependence on fixed-price contracts and the potential to incur losses with respect to these contracts; the inability of customers to pay for services; cancellation and termination provisions present in the contract; and other factors affecting the business of the Quanta generally, including risks detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2010, Quanta's Quarterly Reports on Form 10-Q for each quarter ended in fiscal year 2011 and any other documents of Quanta filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's web site at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
James Haddox, CFO
SOURCE Quanta Services, Inc.