<SEC-DOCUMENT>0001171843-21-007203.txt : 20211027
<SEC-HEADER>0001171843-21-007203.hdr.sgml : 20211027
<ACCEPTANCE-DATETIME>20211027170524
ACCESSION NUMBER:		0001171843-21-007203
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211027
FILED AS OF DATE:		20211027
DATE AS OF CHANGE:		20211027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Construction Group Ltd.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33161
		FILM NUMBER:		211353852

	BUSINESS ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	North American Energy Partners Inc.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_102721.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of October 2021</strong></p><p style="text-align: center;"><strong>Commission File Number: 001-33161</strong></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>North American Construction Group Ltd.</strong></font><br />(Translation of registrant's name into English)</p><p style="text-align: center;">North American Energy Partners Inc.<br />(Former Name)</p><p style="text-align: center;">27287- 100 Avenue<br />(Address of principal executive office)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </p><p>Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&#160;</p><p>Yes [&#160; &#160;]&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;No [X]&#160;</p><p>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ___</p><hr style="page-break-after: always;" noshade="noshade" /><p>Documents Included as Part of this Report</p><p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0"><tr><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Exhibit No.</font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td style="text-decoration: underline;" valign="bottom"><font style="font-size: 10pt;">Description</font></td></tr><tr><td>&#160;</td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">&#160;</font></td></tr><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;"><a href="exh_991.htm">North American Construction Group Ltd. Announces Results for the Third Quarter Ended September 30, 2021</a> </font></td></tr></table></p><hr style="page-break-after: always;" noshade="noshade" /><p style="text-align: center;"><strong>SIGNATURES</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p><table style="font-family: Times New Roman; font-size: 10pt;" border="0" width="100%" cellspacing="0" cellpadding="0"><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td colspan="2" width="6%">North American Construction Group Ltd.</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td width="6%">&#160;</td><td align="center" width="47%">&#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td width="6%">&#160;</td><td style="text-align: left;" align="center" width="47%"></td></tr><tr valign="top"><td width="47%">Date: October 27, 2021</td><td width="6%">&#160;</td><td width="6%">By:&#160;</td><td style="text-decoration: underline; text-align: left;" align="center" width="47%">/s/ Martin Ferron&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td width="6%">Name:&#160;</td><td style="text-align: left;" align="center" width="47%">Martin Ferron</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td width="6%">Title:&#160;</td><td style="text-align: left;" align="center" width="47%">Chairman and Chief Executive Officer</td></tr><tr valign="top"><td width="47%">&#160;</td><td width="6%">&#160;</td><td width="6%">&#160;</td><td style="text-align: left;" align="center" width="47%"></td></tr></table></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>North American Construction Group Ltd. Announces Results for the Third Quarter Ended September 30, 2021</strong></font></p><p style="text-align: center;"><strong></strong></p><p>
     <p align="left">ACHESON, Alberta, Oct.  27, 2021  (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (&#8220;NACG&#8221;) (TSX:NOA/NYSE:NOA) today announced results for the third quarter ended September&#160;30, 2021. Unless otherwise indicated, financial figures are expressed in Canadian dollars and comparisons are to the prior period ended September&#160;30, 2020.<br ></p>      <p align="justify"><strong>Third Quarter 2021 Highlights:</strong></p>      <ul type="disc"><li style="margin-top:3pt; margin-bottom:3pt; text-align:left;">Adjusted EBITDA of $47.5 million was 28% higher than prior year adjusted EBITDA of $37.1 million reflecting improved operating conditions from the prior year, consistently increasing demand for our heavy equipment fleet and a step change in scope being completed by the Nuna Group of Companies ("Nuna").</li><li style="text-align:left;">Gross profit of $21.7 million or 13.1% continued to reflect the macro impacts of COVID-19 but was also impacted by equipment maintenance completed in anticipation of a busy winter season. The operational impacts of safety protocols and workforce availability are estimated to have impacted gross profit by approximately $3.0 million net of government assistance and wage subsidy programs.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Free cash flow ("FCF") in the quarter of $10.0 million was generated from strong adjusted EBITDA less sustaining capital expenditures but was noticeably impacted by deferred timing of cash receipts from our various joint ventures which we expect to receive in the normal course.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">Senior debt was $274.0 million as at September&#160;30, 2021, a decrease of $79.2 million from the December&#160;31, 2020 balance as proceeds from newly issued debentures were used to reduce senior debt.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">On July 21, 2021, we announced a contract amendment to a multiple use agreement between the Mikisew North American Limited Partnership and a major oil sands producer. We anticipate our share to be approximately $175 million in additional revenue over the remainder of the agreement.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">On September 14, 2021, we announced a contract award to Mikisew North American Limited Partnership ("MNALP") by a major oil sands producer. The contract extends the existing master service agreement between us and the producer to December 2023 but transitions to MNALP as the contractor. We anticipate the contract to generate approximately $275 million in revenue over the term of the agreement.</li><li style="margin-top:3pt; margin-bottom:3pt; text-align:justify;">On September 29, 2021, we announced amendment and extension of our senior secured credit facility which extended the facility date by one year with a new maturity date of October 8, 2024. In addition to the extension of existing favourable terms, amendments have also been incorporated that provide us a greater flexibility in operating through joint ventures, including joint ventures related to larger contracts under public-private-partnership financing models.</li></ul>      <p align="left">NACG President and CEO, Joseph Lambert, commented: &#8220;Thankfully, our Q3 financial performance was much more stable than Q2 and the consistency in operating conditions allowed for predictable results. Our operating margins continue to be impacted by the necessary safety protocols in place at the various mine sites, but the impacts were far less severe than last quarter. The financial close of the Fargo-Moorhead project and the seamless integration of DGI Trading are strong milestones in our strategy to diversify our business. That said, the resumption of work at Fort Hills and the contract amendments recently secured with oil sands producers illustrates the strength of this region and we remain committed to serving these customers.</p>      <p align="left">Without taking our eye off of this critical Q4, we look to 2022 and have provided our range of outcomes based on the projects we currently have in place. I am, of course, keenly aware of the exciting momentum we feel internally here at NACG but it really shows up quantitatively when we look at the estimates for next year. We see the goals ahead of us and are focused on execution."</p>      <p align="left"><strong>Consolidated Financial Highlights </strong></p>   <table style="width:100%; border-collapse:collapse !important;;border-bottom: solid black 1pt ; border-collapse: collapse; "><tr><td style="vertical-align: bottom ; ">&#160;</td><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">Three months ended</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">Nine months ended</td></tr><tr><td style="border-bottom: solid black 1pt ; vertical-align: bottom ; ">&#160;</td><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">September 30,</td><td style="vertical-align: bottom ; ">&#160;</td><td colspan="8" style="text-align: center ;  vertical-align: middle; vertical-align: bottom ; ">September 30,</td></tr><tr><td style="border-top: solid black 1pt ; 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In the quarter, we re-mobilized equipment to the Fort Hills mine and began completing earthwork, overburden, and heavy civil construction activities, which is expected to continue for the remainder of the year. The suspension of work at the Fort Hills mine caused a reduction in year-over-year revenue which has returned to a more normalized level in Q3. The demand for mine support work and equipment rental support at the Kearl mine remained strong for the quarter which was complemented by the completion of a haul truck rebuild and a dozer repair through our external maintenance program. Outside of our operations in the Fort McMurray region, revenue was positively impacted by the acquisition of Australian component supplier DGI Trading PTY Limited. 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Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) for the quarter ended September&#160;30, 2021 for further detail on the matters discussed in this release. In addition to the MD&amp;A, please reference the dedicated Q3 2021 Results Presentation for more information on our results and projections which can be found on our website under Investors - Presentations.</p>      <p align="justify"><strong>Change in significant accounting policy - Basis of presentation </strong></p>      <p align="left">Prior to July 1, 2021, we elected to apply the provision available to entities operating within the construction industry to apply proportionate consolidation to unincorporated entities that would otherwise be accounted for using the equity method. During the three months ended September 30, 2021, we elected to change this policy to account for these unincorporated entities using the equity method, resulting in a change to the consolidation method for Dene North Site Services and Mikisew North American Limited Partnership. This change allows for consistency in the presentation of our investments in affiliates and joint ventures. We have accounted for the change retrospectively according to the requirements of US GAAP Accounting Standards Codification ("ASC") 250 by restating the comparative periods. For full disclosure, refer to note 14 in our Financial Statements for September 30, 2021.</p>      <p align="justify"><strong>Forward-Looking Information </strong></p>      <p align="left">The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;should&#8221; or similar expressions.</p>      <p align="left">The material factors or assumptions used to develop the above forward-looking statements and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&amp;A for the three and nine months ended September 30, 2021. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG&#8217;s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. 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See "Change in accounting policy - Basis of presentation".</p>      <p align="left"><strong>About the Company</strong></p>      <p align="left">North American Construction Group Ltd. (www.nacg.ca) is one of Canada&#8217;s largest providers of heavy construction and mining services. 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See "Change in accounting policy - Basis of presentation".</p>      <p>&#160;<br ></p> </p><p ></p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
