ClearStream Energy (TSX: CSM) recently announced the signing of several new projects and contracts valued at approximately $243 million, covering the period from July 1st to August 9th of this year. The projects will be spread across ClearStream’s five divisions – Flint, Environmental, Universal Weld Overlays, Wear Technologies, and ClearWater. It is expected that 20% of the work will be completed in 2022, with the remaining portion scheduled for completion between 2023 and 2025.
These projects encompass a variety of services including heavy equipment operations, maintenance, turnarounds, fabrication, facility construction, corrosion and abrasion wear technologies, as well as abandonment and reclamation services. Barry Card, ClearStream Energy’s new CEO, attributed the success in securing these contracts to the company’s ongoing commitment to customer service excellence, community engagement, safety, quality, and operational efficiency.
ClearStream Energy, headquartered in Calgary, specializes in providing services for upstream, midstream, and downstream production activities, including maintenance and turnarounds, facilities and construction, welding and fabrication, and environmental services.
In addition to these recent contract wins, ClearStream achieved significant milestones in the second quarter of 2022. The company completed 20 turnaround projects and reported a revenue of $173 million for the quarter, marking a remarkable 79% increase compared to the same period in 2021. Mr. Card highlighted the record activity levels achieved during the quarter, emphasizing the successful completion of projects and the onboarding of over 2,000 employees to support these endeavors.
As ClearStream continues to navigate challenges such as inflationary cost pressures and material shortages, Mr. Card affirmed the company’s commitment to managing these issues proactively in the second half of the year. The company remains focused on delivering high-quality services to its customers across various end markets, including Energy, Forestry, and Agriculture.
