Last checked at 29 Jun 2020 07:00
29 June 2020
Costain Group PLC
("Costain" or "the Group" or "the Company")
Peterborough and Huntington Compressor Stations contract
Costain, the smart infrastructure solutions company, today provides an update on the contract for the upgrade of National Grid's Peterborough and Huntingdon compressor stations ("the Contract"). As previously disclosed, the Contract had experienced significant change and additional scope, which had impacted on the forecast target cost and schedule for the completion of the works.
Following detailed discussions between Costain and National Grid, both parties have mutually agreed to exit the Contract and release Costain from its contractual obligations to complete the works.
The termination agreement entered into by Costain and National Grid on 27 June 2020 includes an agreed scope of work to be completed after termination and the commercial matters to be resolved through a continuing commercial resolution process.
As part of the agreement, Costain will now start to fully demobilise all of its remaining activity relating to the Contract. The demobilisation is expected to be complete by 31 August 2020.
This announcement contains inside information.
The person who arranged for the release of this announcement on behalf of the Company was Tracey Wood, General Counsel and Company Secretary.
Ends
Enquiries:
Costain | Tel: 01628 842444 |
Alex Vaughan, Chief Executive Officer | |
Tony Bickerstaff, Chief Financial Officer Carolyn Rich, Investor Relations Director | |
Sara Lipscombe, Group Communications Director Tracey Wood, Company Secretary | |
MHP Communications |
Costain@mhpc.com |
Tim Rowntree Peter Hewer
| Tel: 020 3128 8527 Tel: 07709 326 261
|
Notes to Editors
Costain helps to improve people's lives with integrated, leading edge, smart infrastructure solutions across the UK's transportation, water, energy and defence markets. We help our clients improve their business performance by increasing capacity, improving customer service, safeguarding security, enhancing resilience, decarbonising and delivering increased efficiency. Our vision is to be the UK's leading smart infrastructure solutions company. We will achieve this by focusing on blue chip clients whose major spending plans are underpinned by strategic national needs, regulatory commitments, legislation or essential performance requirements. We offer our clients leading edge solutions that are digitally optimised through the following five services which cover the whole lifecycle of their assets: future-shaping strategic consultancy; consultancy and advisory; digital technology solutions; asset optimisation and complex programme delivery. Our culture and values underpin everything we do.
For more information visit www.costain.com