North American Energy Partners Reaches Final Contract Agreement With Canadian Natural Resources
North American Energy Partners (NYSE: NOA) today announced that it has reached final agreement with Canadian Natural Resources Limited on amendments to the long-term overburden removal and mining services contract between Canadian Natural and NAEP's wholly-owned subsidiary, North American Construction Group Inc.
The amending agreement finalizes certain past costs under the original contract, resulting in a payment of $34 million by Canadian Natural to NACG. As a result, NAEP does not expect to record any additional revenue writedown associated with this contract. The $34 million payment will be recorded as an increase in cash and cash equivalents with a corresponding reduction of unbilled revenue on the Company's March 31, 2012 Consolidated Balance Sheet.
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