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BRIEF-SNC-Lavalin Announces Agreement To Sell Resources Oil & Gas Business

Published 2021-02-09, 07:09 a/m
© Reuters.
ATRL
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Feb 9 (Reuters) - SNC-Lavalin Group Inc SNC.TO :

* PRESS RELEASE - SNC-LAVALIN ANNOUNCES AGREEMENT TO SELL RESOURCES OIL & GAS BUSINESS, RESULTS OF LEGACY LSTK LITIGATION MATTERS AND REASSESSMENT OF CANADIAN LSTK INFRASTRUCTURE PROJECTS IN LIGHT OF COVID-19

* SNC-LAVALIN GROUP INC - NET CASH IMPACT FOR TRANSACTION IS EXPECTED TO BE MINIMAL

* SNC-LAVALIN - $95 MILLION CHARGE ON RETAINED RESOURCES BUSINESS, RELATED TO HISTORICAL LEGACY POSITIONS, 1 REMAINING LSTK MINING PROJECT, TO BE TAKEN IN Q4 2020

* SNC-LAVALIN GROUP INC - PREVIOUSLY ANNOUNCED FINANCIAL OUTLOOK FOR SNCL ENGINEERING SERVICES RECONFIRMED

* SNC-LAVALIN - OIL & GAS BUSINESS TO BE CLASSIFIED AS "ASSET HELD FOR SALE" IN Q4, EXPECTED TO RESULT IN FAIR VALUE WRITE DOWN IN RANGE OF $260-$295 MILLION

* SNC-LAVALIN - WILL BE RECOGNIZING IN Q4 2020 ADDITIONAL PROVISIONS OF ABOUT $140 MILLION, REDUCTION IN COMMERCIAL CLAIMS RECEIVABLE OF $155 MILLION

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