Page 1

ATCO April 29 , 2021 News Release ATCO REPORTS FIRST QUARTER 2021 EARNINGS CALGARY , Alberta - ATCO Ltd. ( TSX : ACO.X , ACO.Y ) ATCO today announced first quarter 2021 adjusted earnings of $ 119 million , or $ 1.04 per share , $ 13 million or $ 0.11 per share higher compared to $ 106 million , or $ 0.93 per share , in the first quarter of 2020 . Higher adjusted earnings were mainly due to workforce housing sales and rental activity and higher space rental activity in ATCO Structures , as well as additional ATCO Frontec client work requests due to COVID - 19 proactive and preventative safety measures . Higher earnings in Canadian Utilities were mainly due to Utilities ' cost efficiencies and growth in the asset base , as well as earnings from ongoing transition work related to the long - term contract to operate Puerto Rico's electricity transmission and distribution system . Higher earnings were also due to demand for natural gas storage services and recovered business development costs in Energy Infrastructure . Earnings attributable to Class I and Class II Shares were $ 83 million in 2021 , $ 4 million lower compared to 2020. Earnings attributable to Class I and Class II Shares include timing adjustments related to rate - regulated activities , unrealized gains or losses on mark - to - market forward and swap commodity contracts , one - time gains and losses , significant impairments , and items that are not in the normal course of business or a result of day - to - day operations . These items are not included in adjusted earnings . RECENT DEVELOPMENTS ATCO Structures • • Awarded a $ 44 million contract for the supply of a 450 - person camp for Pretium Exploration Inc.'s Brucejack operations in Northwest British Columbia . Detailed engineering work has commenced with manufacturing and site work expected to begin in the second quarter of 2021. Installation work is expected to be complete by the end of 2021 . Completed installation of a 450 - person camp that had been previously awarded on a $ 12 million rental contract for 31 months . The project will support the rebuild and expansion of the China Lake Military Base in Southern California . The military base was damaged by two major earthquakes in July 2019 .