Washington Group International to Provide Construction Management Services for Uranium Enrichment Facility
Posted on: Monday, 17 July 2006, 12:00 CDT
BOISE, Idaho and ALBUQUERQUE, N.M., July 17 /PRNewswire-FirstCall/ -- Washington Group International Inc. has been awarded a contract by Louisiana Energy Services to provide construction management services for a uranium enrichment facility in Eunice, New Mexico. The National Enrichment Facility will provide the United States with an alternative domestic source of the enriched uranium required to operate the country's commercial nuclear power plants. Washington Group will utilize its wholly owned subsidiary, Rust Constructors, to execute the construction management services on a merit shop basis.
Most of the low-enriched uranium essential for fueling commercial power plants is produced abroad, and the new NEF will help provide a reliable sustainable domestic supply of the material. When the NEF is operating at full capacity, it will produce enough material to meet approximately one-fourth of the current U.S. enrichment services demand.
"The increased interest in nuclear power and desire for energy independence makes this an important project and one that Washington Group is well-suited to execute," said Lou Pardi, president of the company's Power Business Unit. "Washington Group has maintained a substantial core of expertise in nuclear services since the inception of the commercial nuclear era, and providing this essential nuclear fuel will help reduce the nation's dependence on the worldwide energy market. This long-term project also builds on our position as a market leader in safely constructing and providing program management for large, complex projects."
The NEF will provide more than 200 permanent jobs and more than 400 multiyear construction jobs in southeast New Mexico. Preconstruction activities have begun, and the project is scheduled to be complete in 2009.
Washington Group International Inc. provides the talent, innovation, and proven performance to deliver integrated engineering, construction and management solutions for businesses and governments worldwide. Headquartered in Boise, Idaho, with more than $3 billion in annual revenue, the company has approximately 24,000 people at work around the world providing solutions in power, environmental management, defense, oil and gas processing, mining, industrial facilities, transportation and water resources. For more information, visit http://www.wgint.com/.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof or other variations thereof. Each forward-looking statement, including, without limitation, any financial guidance, speaks only as of the date on which it is made, and Washington Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. The forward-looking statements are necessarily based on assumptions and estimates of management and are inherently subject to various risks and uncertainties. Actual results may vary materially as a result of changes or developments in social, economic, business, market, legal, and regulatory circumstances or conditions, both domestically and globally, as well as due to actions by customers, clients, suppliers, business partners, or government bodies. Performance is subject to numerous factors, including demand for new power generation and for modification of existing power facilities, public sector funding, demand for extractive resources, capital spending plans of customers, and spending levels and priorities of the U.S., state and other governments. Results may also vary as a result of difficulties or delays experienced in the execution of contracts or implementation of strategic initiatives. For additional risks and uncertainties impacting the forward-looking statements contained in this news release, please see "Note Regarding Forward-Looking Information" and "Item 1A. Risk Factors" in Washington Group's annual report on Form 10-K for fiscal year 2005.
Washington Group International Inc.
CONTACT: Investors, Earl Ward, +1-208-386-5698, or Media, Jerry Hollowayor Laurie Spiegelberg, all of Washington Group International Inc.,+1-208-386-5255
Web site: http://www.wgint.com/
Source: PRNewswire-FirstCall
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