SAN FRANCISCO--(BUSINESS WIRE)--URS Corporation (NYSE: URS) today announced that it has been awarded a contract by AREVA Enrichment Services LLC (AES) to provide procurement, construction and management services for the Eagle Rock Enrichment Facility (EREF). EREF is a planned nuclear fuel enrichment facility that will be located in Idaho and will supply low-enriched uranium for use in commercial nuclear power plants in the U.S. This important project has received a $2 billion conditional commitment for a loan guarantee from the U.S. Department of Energy.
Under the terms of the contract, URS will perform its work in two phases. During Phase I, URS will provide construction and procurement planning services. During Phase 2, which would only commence upon AES receiving a Combined Operating License for the facility from the U.S. Nuclear Regulatory Commission and other necessary approvals, URS will provide a full range of procurement, construction and management services. The facility is expected to start operations in 2014 and to be fully constructed by 2017.
Tom Zarges, President, Energy and Construction for URS said: “We are very pleased with this award, which underscores URS’ strength and experience in the nuclear market and further expands our long-term relationship with AREVA. URS has partnered with AREVA on over twenty major component replacement projects on existing commercial nuclear facilities; and in managing high risk, technically complex programs and facilities for the DOE and the U.K. Nuclear Decommissioning Authority. We look forward to supporting AREVA on this important project.”
AREVA Enrichment Services President and CEO, Sam Shakir commented, “We are pleased to welcome URS to the Eagle Rock team as we continue to move forward with the planning for this important energy facility.”
URS Corporation is a leading provider of engineering, construction and technical services for public agencies and private sector companies around the world. The Company offers a full range of program management; planning, design and engineering; systems engineering and technical assistance; construction and construction management; operations and maintenance; and decommissioning and closure services. URS provides services for power, infrastructure, industrial and commercial, and federal projects and programs. Headquartered in San Francisco, URS Corporation has approximately 46,500 employees in a network of offices in more than 40 countries (www.urs.com).
Forward-Looking Statements
Statements contained in this press release that are not historical facts may constitute forward-looking statements, including statements relating to the value, execution, performance and completion of this contract, regulatory requirements, as well as other economic and industry conditions. The Company believes that its expectations are reasonable and are based on reasonable assumptions. However, such forward-looking statements by their nature involve risks and uncertainties. We caution that a variety of factors could cause the Company’s business and financial results to differ materially from those expressed or implied in the Company’s forward-looking statements. These factors include, but are not limited to: potential difficulties in obtaining the required combined operating license; declines in client spending; workforce utilization; the Company’s and its partners’ ability to perform contracts; the Company’s dependence on partners, subcontractors’ and suppliers; customer payment defaults; the Company’s ability to recover on claims; availability of bonding and insurance; the impact of changes in laws and regulations; nuclear energy indemnification; the Company’s ability to attract and retain key individuals; employee, agent or partner misconduct; terrorist and natural disaster risks; and other factors discussed more fully in the Company's Form 10-Q for the period ended October 1, 2010, as well as in other reports filed from time to time with the Securities and Exchange Commission. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.