ClearStream Energy Services announces $120 million in new work backlog

Image: Joey Podlubny/JWN

Calgary-based ClearStream Energy Services says it ended 2018 with positive momentum, thanks to contract renewals and a new project award.

The scope of these deals includes mechanical work, turnarounds and maintenance, fabrication and onsite construction services.

ClearStream says that in Q4, four of its contracts with major upstream, midstream and downstream oil and gas companies were up for renewal. All four were renewed, which represents a 100 percent contract renewal rate for the third year in a row, the company noted.

Those renewals, together with a new project award from a major unnamed midstream oil and gas company, are estimated to generate a total of $120 million in new backlog.