INFA.L Share News (INFA)

(Sharecast News) - Natural gas storage company InfraStrata has awarded an engineering design works contract to Costain, it announced on Tuesday, to enable the £65m cost savings it identified during the front-end engineering and design (FEED) process to be realised on its Islandmagee gas storage project.The AIM-traded firm said the works were identified as one of the next steps for the project, as it announced with its recent fundraising on 24 January.It said the contract covered 16 specific work areas to refine the engineering design of the project, with work scheduled to be completed prior to final investment decision which, as the company had announced previously, was scheduled to be undertaken prior to the end of the first half of 2019."As part of the front-end engineering and design package, we worked very closely with Costain to identify areas where further savings could be found," said InfraStrata chief executive officer and interim chairman John Wood."It is good to have this workstream underway presently in order to facilitate its completion prior to our proposed FID later in the year."We have built up a good working relationship with Costain which will enable timely completion of these works."