May 1, 2020

APR Energy Signs 265MW of Peaking Power Contracts in Mexico

LONDON, UK, May 1, 2020 – Atlas Corp. (“Atlas”) (NYSE: ATCO) announces APR Energy Ltd. (“APR”), a global leader in specialized power solutions, has signed contracts for eight turbines and 265MW across three sites in Mexicali, Baja California, Mexico. This is the second consecutive year that APR has developed projects in this region, of which one site is with a repeat customer. Today’s announcement is further testimony to our continued customer satisfaction and operational excellence.

Mexico is a key market for APR. We are committed to supporting the growth and development of the country’s power sector now and in the future. The growing demand for electricity within Mexico, coupled with our ability to rapidly deliver large blocks of power with fast-track turnkey solutions, provides the opportunity for APR to grow its customer base in other regions of the country.

Bing Chen, CEO, Atlas, commented, “APR continues to demonstrate its strong customer partnership supported by its unique value propositions and consistent operational excellence. We are excited to continue growing these local partnerships through 2020 and into the future. Building upon APR’s brand and reputation, we are honored to be working in the region again to help mitigate the energy shortages in Baja California. As the global energy platform for Atlas, APR provides diversified contracted power solutions to a network of global customers, generating sustainable through-cycle cash flows.”

APR also entered into an arrangement to work together with Grupo Dragon for power generation opportunities in Mexico on a right of first refusal basis. Subject to certain conditions, this arrangement will be in place until April 2022.

APR is known for its fast track deployment capability under challenging conditions and is fully prepared to perform these contracts with comprehensive measures in place to manage the impacts of COVID-19. APR is taking the necessary actions to safely mobilize our teams and equipment to ensure this critical service is delivered on time. These projects were designed around an environmentally friendly low emissions solution that also helps stabilize energy supply. APR expects these projects to become operational during the second quarter of 2020. The commercial terms, pricing and financial performance of these contracts are consistent with conventional fast-track power placements.

About Atlas

Atlas is a leading global asset manager that owns and operates the businesses in which it invests while focusing on deploying capital across multiple verticals to create sustainable value and quality growth opportunities for its shareholders. Atlas’ wholly-owned subsidiaries, Seaspan and APR, are unique, industry-leading integrated platforms in the global maritime and energy space respectively. Seaspan is the market leading containership owner/operator in the sector while APR is the global leader in mobile power solutions as a lessor and operator. For more information visit atlascorporation.com.

About APR

APR provides rapidly deployable, large-scale power and fast-track mobile power to underserved markets and industries. APR’s mobile, turnkey power plants help run cities, countries and industries around the world in both developed and developing markets. APR creates unique value through delivering large-scale power projects anywhere in the world in less time than the typical 2-5 years required to plan, finance, construct and commission a permanent power plant, and offers customized turnkey solutions including flexible plant design, fast-track installation, balance of plant, and decommissioning. For more information, please visit www.aprenergy.com.

Cautionary Note Regarding Forward-Looking Statements

This release contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events, including forward-looking statements regarding the expected benefits of the Transactions in terms of creating a leading global asset manager and operator, as well as the growth potential and high returns on invested capital, the existence of, and Seaspan’s ability to capitalize on, future opportunities in the containership/maritime sector, and APR’s ability to grow and diversify its business into new areas of focus including renewable, alternative fuels, and other longer-term power projects. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “projects”, “forecasts”, “will”, “may”, “potential”, “should”, and similar expressions are forward looking statements. These forwardlooking statements reflect management’s current expectations only as of the date of this release. As a result, you are cautioned not to rely on any forward-looking statements. Although these statements are based upon assumptions we believe to be reasonable based upon available information, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: challenges in integrating the operations of APR; the possibility that we might not recognize the benefits of the Transactions; and other factors detailed from time to time in our periodic reports and filings with the SEC, including Seaspan’s Annual Report on Form 20-F for the year ended December 31, 2018 and the Reports of Foreign Private Issuer on Form 6-K filed from time to time thereafter. We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of any of our securities.

Investor Inquiries:
Bill Stormont
Investor Relations
Atlas Corp
Tel. +1-604-638-7240
Email: IR@atlascorporation.com