North American Energy Partners Announces $40M to $45M Writedown Related to Canadian Natural Resources Limited Overburden Removal Contract

North American Energy Partners Inc. NOA today announced that it expects to take a writedown of $40 million to $45 million in its financial results for the fiscal year ended March 31, 2011 related to the long-term overburden removal contract between its subsidiary North American Construction Group Inc. and Canadian Natural Resources Limited for the Horizon Oil Sands mine near Fort McMurray, Alberta. This writedown would be applied primarily to reduce unbilled revenue and is expected to reduce net income by $30 million to $34 million for the same period.