16 Feb 2009 07:00
16 February 2009
Camco International Limited (the "Company")
DNV reinstated and trading update
Camco International Limited (Camco), a leading climate change business in the growing carbon and sustainable development markets, is pleased to provide an update on the suspension of Det Norske Veritas (DNV) from undertaking certain activities pursuant to its role as a designated operational entity (DOE) under the Clean Development Mechanism (CDM) and a brief trading update.
On 2 December 2008 Camco noted the temporary suspension of DNV from undertaking certain activities pursuant to its role as a DOE. As per the recent decision by the United Nations (UN) CDM Executive Board (EB), DNV is now able to carry out those activities for its clients, including Camco. Consistent with the statement made in the 2 December release, the reinstatement occurred at the forty-fifth meeting of the CDM Executive Board last week and the suspension did not have material impact on Camco's operations.
Camco's business has continued to perform in line with management's expectations and the Company anticipates achieving a pre-tax profit for the year ended 31 December 2008.
Operationally it has been a strong start to 2009 with the Company having been notified of the registration of an additional 4.2m tonnes (PDD volumes) which occurred late in 2008 plus a further 3.2 m tonnes (PDD volumes) of registrations since 31 December 2008. These include registrations recorded in the minutes of the forty-fifth meeting of the UN EB. Project registrations included the Fuxin Coal Mine and Coal Bed Methane project, which uses a methodology developed by Camco and is the first of its type in the market.
In China the Consulting business has achieved a substantial contract win and will undertake a project for the UK government to assess post-2012 greenhouse gas mitigation options and identify the medium term carbon reduction potential in China's iron and steel industry.
Camco will release it preliminary results for the year to 31 December 2008 on 5 March 2009.
Enquiries:
| The Camco Group | +44 (0)20 7121 6100 |
| Jeff Kenna, Chief Executive Officer | |
| Scott McGregor, Chief Financial Officer | |
| Bradley Hopkins, Investor Relations | |
| KBC Peel Hunt Ltd (Nominated Adviser and Broker) | +44 (0)20 7418 8900 |
| Jonathan Marren | |
| David Anderson | |
| Gavin Anderson | +44 (0)20 7554 1400 |
| Ken Cronin | |
| Kate Hill | |
| Janine Brewis | |
| Daniela Stawinoga |
Notes to editors:
About Camco
The Camco Group is a leading climate change business in the growing carbon and sustainable energy markets. We offer a full range of carbon-related services to public and private organisations worldwide. The Group has a 20-year track record and manages one of the world's largest carbon credit portfolios.
The Group consists of three business segments:
The Camco carbon assets business is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.
The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It combines specialist technical, strategic and financial expertise and experience accrued over two decades to deliver a sustainable low carbon society. We are positioned to work with our clients to turn climate change liabilities into economic, social and environmental assets.
Camco Ventures works with project and technology developers, early stage businesses and investor Groups to commercialise climate change mitigation technologies, projects and services. Part of this business is the Camco asset management vehicle.