Business
Contract Signature
Contract Signature.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \nRNS Number : 4844Q Babcock International Group PLC 01 September 2014 \n \n\n1 September 2014\n \n \nBabcock International Group PLC (Babcock or the Group)\nContract Signature - Magnox and RSRL PBO\n \nCavendish Fluor Partnership, a joint venture between Cavendish Nuclear (a wholly owned subsidiary of Babcock International Group PLC) and Fluor Corporation, has today, 1 September 2014, been formally awarded the contract to manage 12 UK nuclear sites and their respective decommissioning programmes, having officially taken ownership of Magnox Ltd and Research Sites Restoration Ltd (RSRL).\n \nThe contract awarded to the Cavendish Fluor Partnership by the Nuclear Decommissioning Authority (NDA) takes effect immediately and makes the Cavendish Fluor Partnership the new Parent Body Organisation for the two Site Licence Companies, Magnox and RSRL. Allowing for changes to the bid scope the total contract value is expected to be around £4.2 billion for 13.5 years. \n \nThe Cavendish Fluor Partnership will be responsible for the delivery of the 12 sites to an agreed and defined point for each; either interim end state or into care and maintenance. Over the full term the contract represents savings of more than \n£1.5 billion to UK tax payers.\n \nPeter Rogers, Chief Executive of Babcock, commented:\n'We are delighted that the Cavendish Fluor Partnership has become the Parent Body Organisation for Magnox and RSRL. Both joint venture partners have strong track records in successfully delivering complex programmes at sites across the UK and in the US. They look forward to working alongside the NDA to deliver a world-class decommissioning solution for the 12 UK sites, meeting the highest standards of safety and environmental compliance.'\n \n\n\n\n\nEnquiries\n \n\n\n\n\n\n\n\nBabcock International Group PLC\n\n\n020 7355 5300\n\n\n\n\nFranco Martinelli - Group Finance Director\n\n\n\n\n\n\n\n \n\n\n\n\nFTI Consulting\n\n\n020 3727 1340\n\n\n\n\nNick Hasell\n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END CNTGMGGLLMGGDZG\n ","length":4232,"tagName":"div"}]