Egypt to get nuclear power

WorleyParsons gets Egypt, Armenia nuclear power plant contracts

19th June 2009, 9:15 WST

Engineering giant WorleyParsons shares jumped after it said it has been awarded two nuclear power plant contracts in Egypt and Armenia.

WorleyParsons says it has signed a $US160 million ($A200.15 million) contract with the Egyptian Nuclear Power Plant Authority for consultancy services contract to support the delivery of the first Egyptian Nuclear Power Plant.

The contract commences with site and technology selection studies and carries through to design, construction management, commissioning and start-up.

“The revenue to WorleyParsons is expected to be approximately EGP 900 million ($US160 million) over the expected 8 years of the project,” the company said in a statement.

WorleyParsons also announced a contract to provide consultancy services for a new nuclear power plant project in Armenia.

The contract will be implemented in four phases, with the first two phases scheduled to begin in 2009.

The major scope to be implemented during these first two phases includes development of a bankable feasibility study for the project and then managing and assessing the tender process for strategic investors for the project.

The duration of these two phases is expected to be one year.

The expected revenue to WorleyParsons for stages one and two is $US500,000 ($A625,469.1). Phases three and four, which is to organise and manage a tender, and then consult on design, construction and start up could provide more than $US430 million ($A537.9 million).

WorleyParsons shares were up $1.25 or 5.44 per cent at $24.24 at 8.53am.

AAP

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