Sept. 29, 2026
LNG Canada Phase 2
Kitimat, BC
$33B
Private investment at FID
- Scope
- 2 trains, 1 storage tank
- Capacity
- 14 → 28 Mtpa
- Jobs
- 4,000+ construction
- EPC
- JGC Fluor BC LNG II JV
Performance Trends
As of Sep. 30, 2026.
Average Industry Revenue Growth
2023
2024
2025
2026F
2027F
Average EBITDA Margins
2023
2024
2025
2026F
2027F
Key Quarterly Highlights
July 8
Meta (NASDAQ:META) begins construction of its first Canadian data centre, a $13B facility in Sturgeon County, AB, with completion targeted for late 2030.
Aug. 4
The federal and Alberta governments announce a $938MM partnership to fund housing-related water and wastewater infrastructure, aiming to unlock 25,000 additional affordable homes in AB by 2031.
Sep. 23
WSP Global (TSX:WSP) withdraws its proposed acquisition of Arcadis, citing a lack of support from the Arcadis board.
Sep. 28
Shell and its partners will proceed with LNG Canada Phase 2 in Kitimat, BC, doubling capacity from 14 to 28 mtpa by the early 2030s. TC Energy (TSX:TRP) is concurrently advancing Coastal GasLink Phase 2 to double pipeline capacity.
Performance Trends
Whitehorn tracks two indexes. The Whitehorn Engineering Index includes professional engineering consulting firms whereas the Engineering-related Services Index includes companies that specialize in related services including construction, environmental, and project management.
Constituents
Market Cap
(in $MM)
(in $MM)
Market Cap
YTD Δ
YTD Δ
2027F Rev.
Growth
Growth
2026F EBITDA
Margin
Margin
EV /
2026F EBITDA
2026F EBITDA
EV /
2027F EBITDA
2027F EBITDA
Whitehorn Engineering Index
WSP Global, Inc.
$23,490
-29.9%
6.3%
19%
9.0x
8.4x
Jacobs Solutions, Inc.
$15,859
1.8%
5.7%
10%
12.0x
11.1x
AtkinsRéalis Group, Inc.
$13,931
-4.4%
5.7%
11%
10.3x
9.7x
Stantec, Inc.
$10,784
-27.0%
4.9%
18%
9.6x
8.9x
Tetra Tech, Inc.
$8,438
-3.5%
1.8%
15%
13.5x
12.8x
Arcadis NV
$4,016
11.4%
4.5%
15%
6.5x
6.0x
TIC Solutions, Inc.
$1,831
-17.8%
4.1%
16%
8.6x
8.1x
Costain Group Plc
$439
-0.2%
0.0%
6%
6.7x
n/a
Average
-15.7%
4.9%
14%
9.5x
9.3x
Constituents
Market Cap
(in $MM)
(in $MM)
Market Cap
YTD Δ
YTD Δ
2027F Rev.
Growth
Growth
2026F EBITDA
Margin
Margin
EV /
2026F EBITDA
2026F EBITDA
EV /
2027F EBITDA
2027F EBITDA
Engineering-Related Services Index
MasTec, Inc.
$16,896
-1.5%
15.6%
9%
9.8x
7.9x
AECOM
$7,590
-38.4%
9.7%
8%
7.5x
6.8x
Dycom Industries, Inc.
$8,113
-19.9%
12.5%
15%
8.4x
7.3x
Babcock International Group
$6,620
-22.6%
1.3%
10%
9.2x
n/a
Fluor Corp.
$6,494
7.8%
8.0%
3%
8.0x
6.7x
Argan, Inc.
$5,310
22.2%
13.8%
18%
14.0x
11.8x
KBR, Inc.
$4,433
-12.8%
4.8%
12%
6.9x
7.2x
Primoris Services Corp.
$4,012
-40.2%
10.3%
7%
9.5x
8.2x
Worley Ltd.
$3,450
-18.8%
0.0%
7%
13.4x
n/a
Keller Group Plc
$3,011
92.9%
3.1%
12%
5.5x
n/a
Average
-13.4%
10%
9.2x
8.0x
Source: YCharts. Market data as of Sep. 30, 2026.
Three projects.One week.
In the week of September 29, 2026, LNG Canada Phase 2 reached a final investment decision, Coastal GasLink Phase 2 was confirmed the same day, and Ottawa named a West Coast oil pipeline its first project of national interest.
For engineering, environmental and consulting firms, the useful question is not who won the headline contract. It is which scopes sat beneath it, which firms held them, and which of those stages are still ahead on each project. The public record on Phase 1 answers the first two. The stages below show where the rest sits.
$33B
LNG Canada Phase 2, FID Sept. 29, 2026
~$35B
West Coast pipeline, as estimated by the Alberta government
1,250 km
Pipeline route, Edmonton area to southern BC
2027
When Coastal GasLink Phase 2 construction is slated to start
What was announced
Two decisions on September 29, a third two days later, all on the same corridor of the country.
Sept. 29, 2026
Coastal GasLink Phase 2
Dawson Creek to Kitimat
~2x
Capacity, from 2.1 Bcf/d
- Scope
- Added compression, facility upgrades
- Start
- Early 2027
- Service
- Early 2030s
- Peak crew
- ~2,100 across 5 sites
Oct. 1, 2026
West Coast oil pipeline
Bruderheim, AB to Delta, BC
1 MMb/d
Design capacity
- Scope
- 1,250 km, 11 pump stations, 2 terminals, marine facility
- Owners
- Trans Mountain Corp., APMC, Pembina
- Peak jobs
- ~140,000 projected
- Status
- First project named under the Building Canada Act
Ownership on the West Coast pipeline reflects the July 2026 memorandum of understanding, with Pembina at 10% during construction and an option for a further 10%. Definitive agreements were expected in fall 2026.
Capital cost, against the projects that came before
Reported or estimated capital cost, $ billions
LNG Canada Phase 1 (2018–2025)~$40B
West Coast pipeline (proposed)~$35B
Trans Mountain Expansion (2017–2024)$34B
LNG Canada Phase 2 (sanctioned)$33B
Coastal GasLink Phase 1 (2019–2024)$14.5B
LNG Canada Phase 1's $40B figure covers the facility, pipeline and associated development. The West Coast pipeline figure is the Alberta government's own estimate and has not been confirmed by a sanctioned budget.
Who did the work on LNG Canada Phase 1
One joint venture held engineering from 2018 through first cargo. The regulatory and baseline science that preceded it sat with specialist firms.
The firms that held engineering on the Kitimat facility
Both phases went to the same joint venture of JGC Corporation and Fluor
| Firm | Scope | Note |
|---|---|---|
| JGC Fluor BC LNG JV | Engineering, procurement, fabrication management, construction and commissioning for Phase 1. | JV of JGC Corporation and Fluor. Held the role from 2018 to first cargo. |
| JGC Fluor BC LNG II JV | FEED update awarded Q2 2025. Limited notice to proceed June 2026 for early site preparation and design. Full EPC on Phase 2 FID. | Fluor Canada 50% / JGC Constructors (No2) BC 50%. ~$15B contract; Fluor's share US$7.5B. |
The firms named in LNG Canada's environmental assessment
From the 2014 certificate application for the Kitimat facility
| Firm | Scope | Discipline |
|---|---|---|
| Stantec Consulting | Air quality, greenhouse gas management, wildlife, vegetation resources, acoustic environment, water availability, surface water quality, socio-economic baseline. | Broadest scope of any named consulting firm |
| Triton Environmental Consultants | Freshwater and estuarine fish and fish habitat, hydrology, wildlife and habitat spring baseline studies. | Aquatics and hydrology |
| Jacques Whitford | Rare plant surveys and marine environment technical data. | Terrestrial and marine |
| Horwood Environmental | Marine birds assessment. | Specialist niche |
| ASL Environmental Services | Marine physical environment data. | Specialist niche |
Who did the work on Coastal GasLink
The 670-kilometre line was split into spreads with separate primes. The consulting work followed the same pattern, divided by discipline and by segment.
The firms that built and advised on Phase 1
Construction contractors and the firms named in regulatory filings, 2018 to 2024
| Firm | Scope | Note |
|---|---|---|
| Surerus Murphy JV SA Energy Group Macro Spiecapag JV Pacific Atlantic Pipeline |
The four conditionally selected pipeline construction primes, each taking a section of the route. | ~$2.8B combined across the four contracts |
| Aecon | Prime contractor for facilities. | Compressor stations and related sites |
| Stantec | Technical memorandum on biophysical valued components for the EA certificate conditions. | Regulatory compliance |
| Jacobs (CH2M HILL Canada) | Commissioned to coordinate participation by potentially affected Indigenous groups during biophysical field work. | Field programme coordination |
| Crossroads | Prepared the Yex T'sa Wilk'us Land Use and Occupancy Study in 2020, retained by Dark House, a Wet'suwet'en hereditary house group, to document its own leadership's view of project effects. | Consultant retained by the house group rather than by the project |
| Surerus Murphy JV O.J. Pipelines Canada Ledcor Haisla LP |
2024 reclamation and final clean-up, split east, central and west. | O.J. Pipelines and Ledcor both worked through Indigenous partnerships |
The closest comparable for the new pipeline
The West Coast pipeline would largely follow the existing Trans Mountain corridor, and Trans Mountain Corporation would develop, execute and operate it. The Expansion Project is the nearest guide to how that work gets divided.
The firms that delivered the Trans Mountain Expansion
$34B final cost, in service 2024
| Firm | Scope | Note |
|---|---|---|
| Stantec | Construction management and inspection for all terminals and pump stations, Lower Mainland work, and reactivation of inactive sections in BC and Alberta. | Teams included biologists, archaeologists, welding and coating inspectors, alongside Indigenous monitors |
| SA Energy Group | Spreads 1, 4B and 6: Greater Edmonton, North Thompson, Fraser Valley. | Partnership of Robert B. Somerville and Aecon Utilities |
| Ledcor Sicim LP Simpcw Ledcor |
Spreads 3 and 4A, plus ~190 km of pipeline reactivation. | Mountainous terrain; Simpcw Ledcor an Indigenous partnership |
| Kiewit Ledcor TMP | Spread 7 and the Lower Mainland facilities: Westridge and Burnaby terminals, Burnaby Mountain tunnel, Sumas terminal. | Most complex scope on the project |
| Cord | Edmonton Terminal and all 12 pump stations. | Facilities specialist |
| EPCOR | Electrical power systems: substations, switchyards, transmission lines. | Utility scope carved out separately |
| McKinsey & Company | Cost reduction and productivity review across pipeline segments, awarded October 2022. | $32M; the largest single advisory contract disclosed on the project |
Where the subcontract layer becomes visible
None of these projects publish a line item for engineering, design or environmental services. EPC awards bundle engineering with procurement and construction, and pipeline contracts report by spread. Local and Indigenous procurement is the one category disclosed in detail, and it is the closest public view of the work that sat beneath the primes.
Local and Indigenous procurement, as reported
Cumulative contract and procurement value, $ billions
LNG Canada — BC businesses$5.5B
LNG Canada — Indigenous-owned and local$4.9B
Coastal GasLink — local BC businesses$1.85B
Coastal GasLink — Indigenous businesses$1.50B
Coastal GasLink figures run through March 2024 and represent 84% and 68% of total subcontract awards respectively. The two categories overlap, as the Indigenous figure includes businesses partnered with non-Indigenous firms. LNG Canada figures are cumulative through Phase 1.
Where consulting scope sits in a project of this size
Drawn from what was disclosed across all three projects. The gold stage is where the West Coast pipeline sits today.
Now, for the pipeline
Regulatory & baseline
- Environmental assessment
- Biophysical field programmes
- Traditional land use studies
- Socio-economic baseline
- Route and corridor studies
Pre-FID
FEED & definition
- Front-end engineering
- Class 3 estimating
- Constructability review
- Geotechnical investigation
- Permitting strategy
Post-FID
Detailed design
- Discipline engineering
- Facilities and stations
- Electrical and controls
- Module and fabrication design
- Procurement support
Construction
Field support
- Construction management
- Inspection: welding, coating
- Environmental monitoring
- Archaeology and heritage
- Indigenous monitor programmes
Close-out & ops
Reclamation & compliance
- Reclamation and clean-up
- Post-construction monitoring
- Condition reporting
- Integrity and operations support
Six things the record shows
Observations from the Phase 1 contracting history. Draw your own conclusions.
The prime engineering role went to global firms
On LNG Canada, a single international joint venture held engineering, procurement and construction across both phases. On Trans Mountain and Coastal GasLink, the primes were large national and international contractors.
The consulting layer was split by discipline, not bundled
LNG Canada's assessment named at least five separate firms. Marine birds went to one firm, marine physical data to another, aquatics to a third. Scope was divided narrowly enough that specialist firms held it directly.
84%
Subcontract value went to local businesses on Coastal GasLink
$1.85B of subcontract awards went to BC businesses, and $1.50B to Indigenous businesses, through March 2024. On LNG Canada, $4.9B went to Indigenous-owned and local area businesses.
Indigenous partnership structures carried real scope
Simpcw Ledcor took pipeline reactivation on Trans Mountain. Ledcor Haisla took the western reclamation segment on Coastal GasLink. O.J. Pipelines worked through three Indigenous development corporations. Five First Nations hold an option on up to $1B of the Phase 2 storage tank.
Field support ran years longer than design
Stantec's Trans Mountain role covered construction management and inspection across every terminal, pump station and reactivated segment. Coastal GasLink's reclamation contracts were still being awarded in 2024, the year it entered service.
The pipeline is at the stage where studies come first
The West Coast pipeline has a national interest designation, an ownership structure and a route concept. It does not yet have a sanctioned budget, a regulatory certificate, or an EPC contract. The work that precedes those is assessment, baseline science and front-end engineering.
Select Merger & Acquisition Transactions
Notable Western Canadian engineering, environmental and consulting transactions this past quarter.
| Date | Acquirer | Acquirer HQ | Target | Target HQ |
|---|---|---|---|---|
| July 2026 | ZenaTech (NASDAQ:ZENA) | Vancouver, BC | Velocity Geomatics | Grande Prairie, AB |
| Acquisition of drone-based geomatics services provider for environmental and regulatory compliance within the oil and gas industry. | ||||
| July 2026 | Triton Environmental Consultants | Vancouver, BC | Arletta Environmental Consulting | Calgary, AB |
| Acquisition of environmental consulting firm assisting with O&G environmental liability management and asset retirement to complement multidisciplinary practice. | ||||
| Aug. 2026 | Nichols Environmental + Engineering | Edmonton, AB | Low Impact Environmental | Calgary, AB |
| Acquisition of environmental planning, regulatory approvals, environmental compliance, and biophysical services provider to complement expertise and broaden service offerings. | ||||
| Aug. 2026 | Kintera | North Vancouver, BC | Terralogix Solutions | Calgary, AB |
| Acquisition of upstream oil and gas environmental management, reclamation and remediation services provider to expand environmental capabilities and strengthen Western Canadian presence. | ||||
| Aug. 2026 | Stantec (TSX:STN) | Edmonton, AB | Niche | Sydney, Australia |
| Acquisition of 200-personnel environmental consultancy and its subsidiary, Ausecology, to strengthen ability to advance critical infrastructure and development projects while protecting the environment in Australia. | ||||
| Aug. 2026 | TIC Solutions | Hollywood, FL | GeoVerra | Edmonton, AB |
| Acquisition of geomatics and land surveying firm to expand geospatial solutions across Canada. | ||||
| Aug. 2026 | ZenaTech (NASDAQ:ZENA) | Vancouver, BC | Cogswell Engineering | Dartmouth, NS |
| Acquisition of full-service civil, structural, mechanical and electrical engineering company operating across five provinces to enhance offerings. | ||||
| Sep. 2026 | EllisDon | Mississauga, ON | Hardline Engineering | Calgary, AB |
| Acquisition of provider of specialized power system engineering, interconnections, transmission, distribution, and substation design with over 100 personnel. | ||||
| Sep. 2026 | Mainstay Engineers | Saskatoon, SK | RCH Consulting | Regina, SK |
| Acquisition of engineering design, management consulting, and contract staffing firm with 25 personnel to strengthen engineering capabilities and expand depth of experience in the mining and industrial sectors. | ||||
| Sep. 2026 | Englobe | Laval, QC | Reinbold Engineering Group | Calgary, AB |
| Acquisition of mechanical engineering firm with over 90 personnel with expertise in building systems, energy modelling, commissioning, sustainable design, and building performance. | ||||
Let's talk about your next move.
Whitehorn Capital provides sale of business, financing and merger & acquisition advisory services to Western Canadian engineering, environmental & consulting companies. To discuss this quarter's findings, reach our team below.
Whitehorn Expert
Ray Chia, CFA
Address
3332 20 St SW Suite 406, Calgary, AB T2T 6S1
All financial data has been sourced from YCharts. This report is prepared by Whitehorn Capital for informational purposes only and does not constitute investment, legal, or tax advice. Figures may include forecasts and are subject to change without notice.
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