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Costain Group PLC - Maidenhead, Berkshire-based construction and engineering firm - Selected as one of nine specialist partners to deliver a carbon capture project beneath the North Sea off the east cost of England. The engineering, procurement, and construction contracts for the East Coast Cluster have a combined value of around GBP4 billion, Costain says. The contracts will be with Net Zero Teesside Power and the Northern Endurance Partnership. NZT Power is a electricity generating joint venture of the UK's BP PLC and Norway's Equinor. NEP is a joint venture of BP, Equinor and France's TotalEnergies SE that will provide CO2 transport and storage for the East Coast Cluster. Final investment decisions are expected in September or earlier, with the projects aiming for commercial operations from 2027.
"This is an enormously important step forward for the UK in safeguarding our planet and unlocking sustainable economic growth," says Costain Chief Executive Officer Alex Vaughan, adding: "Having completed the front-end engineering design for this landmark scheme, we look forward to playing a key role in its implementation."
Current stock price: 64.87 pence, up 1.7% in London on Friday
12-month change: up 25%
By Tom Waite, Alliance News editor
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