Westinghouse and Shaw Sign Historic Contracts

The Shaw Group Inc. has announced that Shaw and Westinghouse Electric Company, its AP1000 Consortium partner, have signed definitive contracts with State Nuclear Power Technology Company of China (SNPTC), Sanmen Nuclear Power Company, Shandong Nuclear Power Company Ltd., and China National Technical Import & Export Corporation (CNTIC) to provide four AP1000 nuclear power plants in China. Shaw will provide engineering, procurement, commissioning, information management and project management services for the four unit construction program. Shaw has previously announced the addition of approximately $700 million for this program to its backlog of work. Specific terms of the contracts were not disclosed.

The comprehensive, definitive contracts signed follow the selection of the Westinghouse/Shaw AP1000 Consortium to build the first four nuclear power plants in China's nuclear expansion program as originally announced in December 2006. Based on framework agreements signed in March of this year, preliminary design, engineering and long lead time procurement work is already underway. The four plants are to be constructed in pairs on China's eastern coast at Sanmen in Zhejiang province and Haiyang in Shandong province. Construction is expected to begin in 2009, with the first plant in Sanmen to begin operations in late 2013. The remaining three plants are expected to come on line in 2014 and 2015.

J.M. Bernhard, Jr., chairman, president and chief executive officer of Shaw, said, "These historic contracts signed will result in delivery of clean, safe, reliable and economical baseload generation for China. We are excited to lead the nuclear renaissance with our partner, Westinghouse, whose advanced, third generation AP1000 technology clearly has world-recognized benefits for utilities and consumers alike. With this four-unit AP1000 program underway, our nuclear project teams are able to leverage valuable experience as new build nuclear programs in the United States continue to move forward."

Richard F. Gill, president of Shaw's Power Group, stated, "We are extremely pleased to finalize these definitive contracts for four AP1000 units with SNPTC, Sanmen Nuclear Power Company, Shandong Nuclear Power Company and CNTIC. It has been a pleasure working with these clients through the planning and contracting process and now we are ready to deliver this significant AP1000 program."

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Posted 21/08/07

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