updated 12/20/2010 2:47:40 PM ET 2010-12-20T19:47:40

ROLLING MEADOWS, Ill., Dec. 20, 2010 (GLOBE NEWSWIRE) -- MYR Group Inc. (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, announced it has entered into a contract with Central Maine Power Company, a subsidiary of Iberdrola USA, to construct and rebuild approximately 210 miles of 345-kilovolt (kV) and 115kV transmission lines throughout northeastern Maine. The contract value is approximately $200 million. The project includes the "Northern Loop" of the $1.4 billion Maine Power Reliability Program (MPRP), the largest energy infrastructure project in the state's history.

Under the contract, MYR Transmission Services, Inc. ("MYRT"), an MYR subsidiary, will provide transmission line construction services including environmental controls, foundation installation, structure installation and conductor stringing for the new line segments. Construction planning is already underway and actual construction is expected to begin in early 2011. Substantial completion is scheduled for August 2014.

"MYR Group is proud to be part of this exciting undertaking," said William A. Koertner, chairman and chief executive officer of MYR. "Not only will we be playing a part in the commitment to improve the electrical infrastructure for Maine and the surrounding region, we also will be contributing to new job creation and helping to stimulate the region's economy. It is encouraging to see major projects like this moving forward to the construction phase."

The work MYRT will perform under the contract will contribute to Central Maine Power Company's commitment to improving the reliability of its bulk electric transmission system while bolstering Maine's economy and improving access to greater sources of renewable energy.

About MYR Group Inc.

MYR Group Inc. is a holding company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and Distribution customers include electric utilities, cooperatives and municipalities. The Company also provides Commercial and Industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group's comprehensive services include turnkey construction and maintenance services for the nation's electrical infrastructure.

Forward-Looking Statements

Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of the Maine Power Reliability Program, MYR's ability to complete the project in a timely manner and the impact of MYR's work on the project. Our forward-looking statements are generally accompanied by words such as ''estimate,'' ''project,'' ''predict,'' ''believe,'' ''expect,'' ''anticipate,'' ''potential,'' ''plan,'' ''goal'' or other words that convey the uncertainty of future events or outcomes. Management has based these forward-looking statements on our current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties include, but are not limited to, significant variations in operating results from year to year, the competitive and cyclical nature of the industry, the company's ability to realize and profit from backlog, the implementation of the Energy Policy Act of 2005 by customers, the company's ability to obtain new contracts and/or replace completed or cancelled contracts, the company's ability to obtain adequate bonding for projects, the company's ability to hire and retain key personnel and subcontractors, limitations on the company's ability to hire or retain key personnel, work stoppages or other labor issues, and economic instability. A further list and description of risks, uncertainties and other matters can be found in MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2009. We do not undertake to update our forward-looking statements.

CONTACT:  MYR Group Inc. 
          Marco A. Martinez, Chief Financial Officer
          Dresner Corporate Services
          Investor Contact: 
          Philip Kranz

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com