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Duratek Awarded Contract for a Nuclear Power Plant Large Component Removal and Radioactive Material Disposition Services

Posted on: Wednesday, 31 August 2005, 09:00 CDT

Duratek, Inc. (NASDAQ:DRTK) today announced the award of a contract from Dairyland Power Cooperative for the removal and disposition of a 175-ton reactor pressure vessel and other low level radioactive material from the Lacrosse power plant. Other materials for disposition include irradiated hardware in the spent fuel pool, ion exchange media, and filters. The power plant located in Wisconsin has been shut down since 1987. The contract, which starts immediately, is valued in excess of $16 million and subject to regulatory approvals, will be completed over the next two years.

This project is a comprehensive large component removal and disposition contract that includes engineering, licensing, plant modifications, heavy rigging and lifting services to safely remove the vessel from the containment building and then place it on the transport vehicle for transportation to disposal.

Robert Prince, president of Duratek, said, "This project represents a significant step in the eventual completion of the decommissioning of Dairyland Power Cooperative's sole nuclear power reactor, thereby assuring DPC's owners of safe and predictable removal of over 95% of the non-fuel radioactivity at the plant. The DPC/Duratek team has worked with regulators over the last six months to develop an innovative approach to meet the site's 2008 waste disposal deadline."

Duratek provides safe, secure radioactive materials disposition and nuclear facility operations for commercial and government customers.

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 21E(i)(1) of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Duratek's actual results to be materially different from any future results expressed or implied by these statements. Such factors include the following: the Company's ability to manage its commercial waste processing operations, the timing and award of contracts by the U.S. Department of Energy for the cleanup of waste sites administered by it; the acceptance and implementation of the Company's waste treatment technologies in the government and commercial sectors; and other large technical support services projects; the Company's ability to successfully add revenues from new contracts; and the timing of completing existing contracts. All forward-looking statements are also expressly qualified in their entirety by the cautionary statements included in the Company's SEC filings, including its quarterly reports on Form 10-Q and its annual report on Form 10-K.

Source: Business Wire

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