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Friday, August 22, 2008

SAfrican company awards C$253M nuclear contract to SNC-Lavalin and its partner


MONTREAL - A South African power company has awarded a C$253-million contract to a subsidiary of SNC-Lavalin Group (TSX:SNC) and its partner Murray & Roberts.
The Canadian and South African partners will provide engineering, procurement, project and construction management services for Phase 2 of the Pebble Bed Modular Reactor, SNC-Lavalin said Friday.
Phase 1, completed in June, involved the construction of a demonstration nuclear power plant in Koeberg, near Cape Town, South Africa. Phase 2, which began in July, involves construction of a commercial scale power operation by September 2014.
Murray & Roberts (JSE: MUR) is South Africa's leading engineering, contracting and construction services company.
Earlier this week, a joint venture led by SNC-Lavalin won a $92 million contract for upgrades to Rio Tinto Alcan's Boyne aluminum smelter in Australia.
That contract with Sinclair Knight Merz will provide engineering, procurement and construction management services for projects at the smelter in Gladstone, Queensland.
SNC-Lavalin is a Montreal-based engineering company that manages construction projects around the world, including some countries where it faces operating risks. On Wednesday, 12 of its Algerian workers were killed in a North African bus bombing.
The Montreal company's shares fell Friday by $1.59 to C$50.26, a drop of more than three per cent, on the Toronto Stock Exchange.
The South African contract was awarded by Pebble Bed Modular Reactor (Pty) Ltd., or PBMR.
"We developed a good relationship with PBMR and Murray & Roberts on Phase 1 and look forward to working with them again on Phase 2," said Patrick Lamarre, who is executive vice-president of SNC-Lavalin Group Inc., and president of SNC-Lavalin Nuclear.
Content Provided By Canadian Press.

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