1st Sep 2014 09:26
LONDON (Alliance News) - Babcock International Group PLC Monday said Cavendish Fluor Partnership, a joint venture between its subsidiary Cavendish Nuclear and Texas-based engineering and construction business Fluor Corporation, has been awarded a contract to manage 12 UK nuclear sites and their respective decommissioning programmes, having officially taken ownership of Magnox Ltd and Research Sites Restoration Ltd.
The contract, awarded by the Nuclear Decommissioning Authority, takes effect immediately and makes the Cavendish Fluor Partnership the new Parent Body Organisation for the two Site Licence Companies, Magnox and Research Sites Restoration.
Babcock said, allowing for changes to the bid scope, the total contract value is expected to be around GBP4.2 billion for 13 and a half years.
The Cavendish Fluor Partnership will be responsible for the delivery of the 12 sites to an agreed and defined point for each.
Over the full term the contract represents savings of more than GBP1.5 billion to UK taxpayers, Babcock said.
Babcock shares were quoted down 0.1% at 1,120.00 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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