REG - Costain Group PLC - Peterborough and Huntington Compressor Stations

CostainAnnouncement

29/06/2020 07:06

RNS Number : 2934R
  
Costain Group PLC
  
29 June 2020
  
 

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.
 
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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 
 


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