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NACG wins $135M oil sands services contract

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Form Type
6-K

Rhea-AI Filing Summary

North American Construction Group Ltd. (NACG) reports that its subsidiary ML Northern Services Ltd. has won a five-year heavy equipment services contract in the Canadian oil sands with a major customer. The deal is expected to add approximately $135 million to NACG’s contractual backlog.

The contract covers mobile fuel services for ultra-class and other large mining equipment across multiple mine sites, starts on September 30, 2026, and is expected to reach full operational capacity in late Q4 2026, expiring on July 5, 2031. It is described as the largest award in ML Northern’s history and the largest fuel-focused heavy equipment services contract in NACG’s history.

The scope will be supported by existing fleet plus about $5 million of growth capital for twenty-five on-highway units and support equipment. NACG states that this long-duration, recurring-revenue contract advances its organic growth strategy and converts a previously identified bid opportunity into contracted backlog.

Positive

  • Five-year, $135 million backlog addition: The new heavy equipment services contract is expected to add approximately $135 million of long-duration contractual backlog, described as the largest award in ML Northern’s history and the largest fuel-focused services contract in NACG’s history.
  • Low growth capital for recurring revenue: The contract requires about $5 million of growth capital for twenty-five on-highway units and support equipment, a modest investment relative to the multi-year revenue stream and backlog contribution.

Negative

  • None.

Insights

$135M long-term services award adds sizable contracted backlog.

NACG has secured a five-year mobile fuel services contract in the Canadian oil sands expected to add $135 million to contractual backlog, with operations ramping from September 30, 2026 to late Q4 2026. This is the largest award in ML Northern’s history.

The contract is supported by existing assets plus about $5 million of growth capital for on-highway units, indicating relatively low incremental investment for multi-year recurring revenue. Management highlights that the customer is a blue-chip oil sands operator and that the award converts a visible pipeline opportunity into firm backlog.

The filing also reiterates forward-looking targets for 2026 revenue, adjusted EBITDA, earnings per share, capital spending, and free cash flow referenced in the MD&A. Actual impact will depend on execution, customer activity levels and broader market conditions described in the risk factors.

Incremental contractual backlog $135 million Expected addition from new five-year heavy equipment services contract
Growth capital $5 million Capital for twenty-five on-highway units and support equipment
Contract start date September 30, 2026 Date contract is expected to commence
Full operational capacity target Late Q4 2026 Timing for contract to reach full operations
Contract expiry date July 5, 2031 End date of the five-year services contract
On-highway units 25 units Number of on-highway units to support contract scope
contractual backlog financial
"the contract is expected to add approximately $135 million to the Company’s contractual backlog"
The total value of signed contracts for goods or services that a company has committed to deliver but has not yet completed or billed. Think of it as a queue of future work the company has promised to do—like a list of booked jobs waiting to be finished. Investors care because contractual backlog shows near-term revenue visibility and workload; a growing backlog suggests future income and capacity utilization, while declines or long delays can signal execution or demand problems.
growth capital financial
"supported by a combination of existing fleet and approximately $5 million of growth capital"
Growth capital is funding given to an already-operating company to help it expand—such as opening new locations, boosting production, or launching new products—without buying out current owners. Investors care because it aims to accelerate proven businesses to the next level: it can yield bigger returns than steady, mature companies but carries more risk, like putting fuel on a running car to make it go faster rather than building the car from scratch.
free cash flow financial
"free cash flow on a combined company basis; and expected growth in NACG’s exposure"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
forward-looking statements regulatory
"The information provided in this release contains forward-looking statements."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
adjusted EBITDA financial
"including projections for combined revenue, adjusted EBITDA, adjusted earnings per share"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

FAQ

What contract did North American Construction Group (NOA) just secure?
North American Construction Group’s subsidiary ML Northern won a five-year heavy equipment services contract in the Canadian oil sands. It will provide mobile fuel services for ultra-class and other large mining equipment across multiple mine sites for a major oil sands customer.

How much backlog does the new NOA contract add?
The contract is expected to add approximately $135 million to North American Construction Group’s contractual backlog. This long-duration award strengthens the company’s recurring revenue profile and is highlighted as the largest contract in ML Northern’s history focused on fuel services.

When does North American Construction Group’s new contract start and end?
The heavy equipment services contract is expected to commence on September 30, 2026 and reach full operational capacity in late Q4 2026. It has an expiry date of July 5, 2031, providing roughly five years of contracted service for the Canadian oil sands customer.

What capital investment is required for NOA’s new services contract?
North American Construction Group expects to support the contract with existing fleet plus about $5 million of growth capital. This spending will fund approximately twenty-five on-highway units and other support equipment needed to deliver mobile fuel services across the customer’s mine sites.

How does this contract fit North American Construction Group’s growth strategy?
The company states the award validates its organic growth strategy in the Canadian oil sands region. Management notes it converts a previously identified bid opportunity into long-duration contractual backlog and reinforces confidence in additional heavy equipment services opportunities in the Fort McMurray area.

What forward-looking information does NOA reference in connection with this award?
North American Construction Group refers to forward-looking statements about 2026 financial performance, including combined revenue, adjusted EBITDA, adjusted earnings per share, capital spending, and free cash flow. These projections rely on assumptions outlined in the company’s March 31, 2026 MD&A and are subject to multiple risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026

Commission File Number: 001-33161

North American Construction Group Ltd.
(Translation of registrant's name into English)


(Former Name)

27287- 100 Avenue
Acheson, Alberta T7X 6H8
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

 

Documents Included as Part of this Report

Exhibit No. Description
   
99.1 North American Construction Group Awarded Five-Year Heavy Equipment Services Contract in the Canadian Oil Sands Region

SIGNATURES

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.

  North American Construction Group Ltd.
    
   
Date: July 8, 2026 By: /s/ Barry Palmer                       
  Name: Barry Palmer
  Title: President and CEO
   

EXHIBIT 99.1

North American Construction Group Awarded Five-Year Heavy Equipment Services Contract in the Canadian Oil Sands Region

Strengthens Recurring Revenue Profile with Approximately $135 Million of Incremental Backlog

ACHESON, Alberta, July 08, 2026 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA / NYSE:NOA), a premier global provider of heavy civil construction and mining services, today announced that its wholly owned subsidiary ML Northern Services Ltd. (“ML Northern”) has been awarded a five-year heavy equipment services contract with a major Canadian oil sands customer. The contract will service the customer’s fleet of ultra-class and other large mining equipment by supplying the customer with mobile fuel services across their various mine sites.

The contract is expected to commence on September 30, 2026 and reach full operational capacity in late 2026 Q4. It represents the largest award in ML Northern’s history and the largest heavy equipment services contract focused on fuel services in NACG’s history, validating our organic growth strategy in the region. With an expiry date of July 5, 2031, the contract is expected to add approximately $135 million to the Company’s contractual backlog. The scope will be supported by a combination of existing fleet and approximately $5 million of growth capital for twenty-five on-highway units and other support equipment.

“This award marks an important milestone for ML Northern and further strengthens our recurring revenue profile with a blue-chip oil sands customer,” said Barry Palmer, Chief Executive Officer of NACG. “The contract adds approximately $135 million of long-duration backlog with modest growth capital requirements, highlighting the strength of ML Northern’s operating performance since acquisition, and reinforces our confidence in the incremental opportunities we see across the Fort McMurray region, including additional opportunities for similar heavy equipment services contracts.”

The award represents a successful conversion of a previously identified opportunity in NACG’s active tender and bid pipeline, underscoring the Company’s ability to translate visible near-term opportunities into long-duration contractual backlog.

About ML Northern Service Ltd.
Operating since 2007, ML Northern is a leading heavy equipment support services provider in the Fort McMurray region of Alberta. Acquired by NACG in 2022, the company specializes in mobile fueling, lubrication, and steaming services, supporting mission-critical equipment operations across the oil sands industry.

About the Company
North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information contact:
Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960-7171
IR@nacg.ca
www.nacg.ca

Forward-Looking Information
The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan,” “potential”, “should”, “target”, “will”, “may” or the negative of those terms or other variations of them or comparable terminology. Forward-looking information in this includes, but is not limited to, statements with respect to: the expected proforma contractual backlog; sustaining capital on a combined company basis; free cash flow on a combined company basis; and expected growth in NACG’s exposure to rare earth and critical minerals and its recognition as a Tier 1 contractor in Australia; the anticipated financial performance for the full year 2026, including projections for combined revenue, adjusted EBITDA, adjusted earnings per share, sustaining capital spending, free cash flow, and growth capital spending. 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 Management Discussion and Analysis for the three months ended March 31, 2026 (“MD&A”). There can be no assurance that the forward-looking information will prove to be accurate. Actual results could differ materially from those contemplated by the forward-looking information including: general market performance including capital market conditions and availability and cost of credit; foreign currency and exchange risk; performance of the market sectors that the Company serves; impact of factors such as increased pricing pressure and possible margin compression; the regulatory and tax environment; the ability of the Company to execute its financing plans; risks relating to legal proceedings to which the Company is or may become a party; and other risks detailed from time to time in the Company’s filings with the Canadian securities regulators. 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’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. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

Source: View Original Filing on SEC EDGAR

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