Business
Statement re. DNV Temporary S
Statement re. DNV Temporary S.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n RNS Number : 3356J Camco International Ltd 02 December 2008 \n \n2 December 2008\n \n \nCamco International Limited (the 'Company' or ‘Camco’)\n \nUpdate on the impact of DNV temporary suspension\n \nCamco International Limited, a leading climate change business in the growing carbon and sustainable development markets, notes the temporary suspension of Det Norske Veritas's ('DNV') from undertaking certain activities pursuant to its role as a designated operational entity ('DOE'). \n\nThe suspension of DNV until the forty-fifth meeting of the Executive Board in February 2009 is not anticipated to have a material impact on Camco's operations. \n\nNotably Camco's forward sale obligations are all on a 'best efforts' rather than a 'guaranteed' basis, therefore a delay in the delivery of certified emission reduction certificates ('CERs'), while a regrettable development, does not create a liability to purchase CERs to meet delivery obligations for the Company.\n\nThe suspension of DNV until the forty-fifth meeting of the Executive Board will impact its ability to carry out the following services for Camco:\n \n- In relation to projects expecting validation under the CDM, six projects are under validation and two of these projects were expected to be validated prior to 31 March 2009. None of the six projects were expected to make a delivery of CERs during 2009. \n\n- In relation to projects expecting verification prior to 31 March 2009, there are nine projects with expected verifications of approximately 776,000 tonnes prior to 31 March 2009. These verifications will be delayed until later in 2009.\n\nDOEs play an important role in the delivery of Camco's portfolio of carbon assets. Camco contracts with multiple DOEs for validation and verification of its projects to minimise the risk associated with any one DOE.\n\nEnquiries:\n\n\n\n\n\nThe Camco Group\n\n\n+44 (0)20 7121 6100\n\n\n\n\n\n\n\n\n\n\n\n\nJeff Kenna, Chief Executive Officer\n\n\n\n\n\n\n\nScott McGregor, Chief Financial Officer\n\n\n\n\n\n\n\nBradley Hopkins, Investor Relations\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKBC Peel ...