SAN FRANCISCO, Jul 11, 2008 (BUSINESS WIRE) -- URS Corporation (NYSE: URS) today announced that an international
team led by the company's Washington Division has been named the
preferred bidder and has been selected to begin contract finalization
with the UK Nuclear Decommissioning Authority (NDA) in the competition
to secure a Parent Body Organization (PBO) for the Sellafield nuclear
complex in West Cumbria, United Kingdom. The consortium, Nuclear
Management Partners, Ltd., includes URS' Washington Division, AREVA
and AMEC plc. The team would manage a scope of work with a maximum
annual value of approximately GBP 1.3 billion, or $2.5 billion, under
a five-year base contract, with an option to extend the contract
periodically for a total of 17 years. The contract is expected to be
awarded in October 2008, with work likely to commence no earlier than
late 2008.
Martin M. Koffel, Chairman and Chief Executive Officer of URS
commented: "We are delighted to have been selected as the preferred
bidder for the Sellafield site, which is the UK's most important
nuclear facility. URS has unparalleled experience in nuclear power,
decommissioning, clean-up and process operation, and we believe our
selection underscores the leadership, technical knowledge and
long-term commitment of both URS and our business partners. We look
forward to demonstrating our broad capabilities in support of the NDA
on this important project," Koffel said.
"Our consortium brings together the leaders in nuclear
decommissioning and recycling in the US, the UK and France," said Tom
Zarges, President of URS' Washington Division. "Our team is confident
that it can safely and efficiently meet the challenges presented by
this historic and complex site while achieving real savings for UK
taxpayers. We look forward to finalizing the contract with the NDA
successfully."
"Our objective is to set the highest standards in health, safety,
security and environmental protection," said Robert A. Pedde,
President of the Nuclear Management Partners. "We are committed to
reducing site hazards cost effectively through clean-up and
decommissioning, while maximizing commercial value in support of the
Sellafield mission."
Under the proposed contract, the preferred bidder organization
will own the shares in the Sellafield Site License Company, Sellafield
Ltd., for the duration of the contract. The work covers the
Sellafield, Calder Hall, Windscale and Capenhurst sites which all form
part of the Sellafield Site License Company.
URS Corporation (NYSE: URS) 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, the Company operates through three
divisions: the URS Division, the EG&G Division and the Washington
Division. URS Corporation has more than 50,000 employees in a network
of offices in more than 30 countries (www.urscorp.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 future value, execution and performance of the
proposed contract as well as future 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: an economic downturn; changes in the Company's
book of business; the Company's compliance with government contract
procurement regulations; the Company's leveraged position and ability
to service its debt; restrictive covenants in the Company's Credit
Facility; the Company's integration of the Washington Group
International, Inc.; the Company's ability to procure government
contracts; the Company's reliance on government appropriations; the
ability of the government to unilaterally terminate the Company's
contracts; the Company's ability to make accurate estimates and
control costs; the Company's and its partners' ability to bid on, win,
perform and renew contracts and projects; the Company's dependence on
subcontractors and suppliers; customer payment defaults; availability
of bonding and insurance; environmental liabilities; liabilities for
pending and future litigation; the impact of changes in regulations
and laws; industry competition; the Company's ability to attract and
retain key individuals; employee, agent and partner misconduct; risks
associated with international operations; business activities in high
security risk countries; third party software risks; terrorist and
natural disaster risks; the Company's relationships with its labor
unions; the Company's ability to protect its intellectual property
rights; anti-takeover risks and other factors discussed more fully in
the Company's Form 10-Q for the quarter ended March 28, 2008, 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.
SOURCE: URS Corporation
Investors:
URS Corporation
H. Thomas Hicks, 415-774-2700
Vice President & Chief Financial Officer
or
Media:
Sard Verbinnen & Co
Hugh Burns/Jane Simmons, 212-687-8080
or
UK:
Grant Ringshaw/Toby Mountford, +44 (20) 7638 9751
or
Nuclear Management Partners:
Martin Adeney, +44 (20) 8348 0375