EDMONTON (CP) -- "This delay will defer approximately $120 million in revenue until calendar 2010 when the project is expected to resume construction," Lockerbie & Hole said of its $250 million construction program.
The company said its remaining projects with Suncor at the Steepbank Extraction Plant and Firebag sites are proceeding as planned.
Suncor announced Thursday it is cutting capital spending for 2009 by more than one-third to $6 billion.
The major oil company said completion of the Voyageur upgrader has been delayed by a year, but it remains committed to an integrated expansion strategy and targeted oilsands production of 550,000 barrels per day.
Shares in Lockerbie & Hole were down 20 cents or 4% at $4.80 on the Toronto Stock Exchange after being halted earlier on Friday.
(c) The Canadian Press