(Alliance News) - Power generator rental firm Aggreko PLC said Wednesday it has signed the necessary contract revisions with the Tokyo Organising Committee of the Olympic & Paralympic Games.
The revisions reflect a change in both the contract's scope and the effect of the delay of the games to 2021. The games were scheduled for July 24 to August 9 last year, but after telephone discussions between IOC President Thomas Bach and Japanese Prime Minister Shinzo Abe, a joint decision was taken for the first postponement of an Olympics in peacetime.
The total revenue value of the contract to Aggreko is now expected to be USD315 million.
In December 2018, Aggreko had won the contract to supply temporary medium and low-voltage power systems for the games across 43 competition venues. Back then, the contract had a value of USD200 million
In addition, Aggreko's guidance for 2021's pretax profit of GBP170 million to GBP190 million assumes that the games proceed as planned in 2021.
Shares in Aggreko were up 1.8% at 651.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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