<SEC-DOCUMENT>0001326389-25-000285.txt : 20251205
<SEC-HEADER>0001326389-25-000285.hdr.sgml : 20251205
<ACCEPTANCE-DATETIME>20251205165114
ACCESSION NUMBER:		0001326389-25-000285
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251205
DATE AS OF CHANGE:		20251205

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Construction Group Ltd.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82223
		FILM NUMBER:		251553599

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		PROVINCE COUNTRY:   	A0
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		PROVINCE COUNTRY:   	A0

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Polar Asset Management Partners Inc.
		CENTRAL INDEX KEY:			0001326389
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		16 YORK STREET SUITE 2900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0E6
		BUSINESS PHONE:		416-367-4364

	MAIL ADDRESS:	
		STREET 1:		16 YORK STREET SUITE 2900
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0E6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Polar Securities Inc.
		DATE OF NAME CHANGE:	20050506
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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	<headerData>
		<submissionType>SCHEDULE 13G/A</submissionType>
		<previousAccessionNumber>0001062993-15-006621</previousAccessionNumber>
		<filerInfo>
			<filer>
				<filerCredentials>
					<cik>0001326389</cik>
					<ccc>XXXXXXXX</ccc>
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			<liveTestFlag>LIVE</liveTestFlag>


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	<formData>
		<coverPageHeader>
			<amendmentNo>9</amendmentNo>
			<securitiesClassTitle>Common Stock</securitiesClassTitle>
			<eventDateRequiresFilingThisStatement>11/28/2025</eventDateRequiresFilingThisStatement>
			<issuerInfo>
				<issuerCik>0001368519</issuerCik>
				<issuerName>North American Construction Group Ltd.</issuerName>
				<issuerCusip>656811106</issuerCusip>
				<issuerPrincipalExecutiveOfficeAddress>
					<com:street1>27287 100 Ave</com:street1>
					<com:city>Acheson</com:city>
					<com:stateOrCountry>A0</com:stateOrCountry>
					<com:zipCode>6H8</com:zipCode>
				</issuerPrincipalExecutiveOfficeAddress>
			</issuerInfo>
			<designateRulesPursuantThisScheduleFiled>
				<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
			</designateRulesPursuantThisScheduleFiled>
		</coverPageHeader>
		<coverPageHeaderReportingPersonDetails>

			<reportingPersonName>Polar Asset Management Partners Inc.</reportingPersonName>
			<citizenshipOrOrganization>A6</citizenshipOrOrganization>
			<reportingPersonBeneficiallyOwnedNumberOfShares>
				<soleVotingPower>1618476</soleVotingPower>
				<sharedVotingPower>0</sharedVotingPower>
				<soleDispositivePower>1618476</soleDispositivePower>
				<sharedDispositivePower>0</sharedDispositivePower>
			</reportingPersonBeneficiallyOwnedNumberOfShares>
			<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1618476</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
			<classPercent>5.3</classPercent>
			<typeOfReportingPerson>IA</typeOfReportingPerson>
		</coverPageHeaderReportingPersonDetails>
		<items>
			<item1>
				<issuerName>North American Construction Group Ltd.</issuerName>
				<issuerPrincipalExecutiveOfficeAddress>27287 100 Av., Acheson, Alberta, T7X 6H8, Canada</issuerPrincipalExecutiveOfficeAddress>
			</item1>
			<item2>
				<filingPersonName>This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as the investment advisor to Polar Multi-Strategy Master Fund, a Cayman Islands exempted company ("PMSMF"), Polar Micro-Cap Fund, an Ontario open-ended investment trust ("PCMF"), and Polar Micro-Cap Fund II L.P., an Ontario Limited Partnership ("PMCFII") (together with PMSMF, and PMCF, the "Polar Vehicles") with respect to the shares directly held by the Polar Vehicles.</filingPersonName>
				<principalBusinessOfficeOrResidenceAddress>16 York Street, Suite 2900, Toronto, Ontario, M5J 0E6</principalBusinessOfficeOrResidenceAddress>
				<citizenship>Canada</citizenship>
			</item2>
			<item3>
				<notApplicableFlag>N</notApplicableFlag>
				<typeOfPersonFiling>FI</typeOfPersonFiling>
				<otherTypeOfPersonFiling>The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.</otherTypeOfPersonFiling>
			</item3>
			<item4>
				<amountBeneficiallyOwned>1,618,476 (including 856,954 shares issuable upon the conversion of Debentures)</amountBeneficiallyOwned>
				<classPercent>5.3</classPercent>
				<numberOfSharesPersonHas>
					<solePowerOrDirectToVote>1,618,476 (including 856,954 shares issuable upon the conversion of Debentures)</solePowerOrDirectToVote>
					<sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
					<solePowerOrDirectToDispose>1,618,476 (including 856,954 shares issuable upon the conversion of Debentures)</solePowerOrDirectToDispose>
					<sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
				</numberOfSharesPersonHas>
			</item4>
			<item5>
				<notApplicableFlag>Y</notApplicableFlag>
			</item5>
			<item6>
				<notApplicableFlag>Y</notApplicableFlag>
			</item6>
			<item7>
				<notApplicableFlag>Y</notApplicableFlag>
			</item7>
			<item8>
				<notApplicableFlag>Y</notApplicableFlag>
			</item8>
			<item9>
				<notApplicableFlag>Y</notApplicableFlag>
			</item9>
			<item10>
				<notApplicableFlag>N</notApplicableFlag>
				<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.</certifications>
			</item10>
		</items>
		<signatureInformation>
			<reportingPersonName>Polar Asset Management Partners Inc.</reportingPersonName>
			<signatureDetails>
				<signature>Andrew Ma</signature>
				<title>Chief Compliance Officer</title>
				<date>12/05/2025</date>
			</signatureDetails>
		</signatureInformation>
	</formData>
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</DOCUMENT>
</SEC-DOCUMENT>
