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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Snc-Lavalin Group Inc    SNC   CA78460T1057

SNC-LAVALIN GROUP INC

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Snc Lavalin : GE Hitachi Nuclear Energy Awarded Contract to Support Decommissioning of Oyster Creek Nuclear Generating Station

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07/10/2019 | 09:44am EDT

WILMINGTON, North Carolina -- GE Hitachi Nuclear Energy (GEH) announced today that it has been awarded a contract by Comprehensive Decommissioning International, LLC (CDI) to decommission reactor internals and the reactor pressure vessel at the Oyster Creek Nuclear Generating Station in Lacey Township, New Jersey.

Employing cutting edge technology, GEH will dismantle, segment and pack reactor internals and the reactor pressure vessel of the boiling water reactor that was shut down in September 2018. All handling and segmentation will be carried out underwater and will be accomplished using the Primary Segmentation System that was designed in conjunction with REI Nuclear. GEH acquired the business and certain assets of REI Nuclear in December 2018.

"We are pleased to support CDI with a reactor segmentation solution that leverages our experience, expertise and focus on safety and efficiency," said Lance Hall, GEH Executive Vice President.

On July 1, 2019, Holtec International's subsidiaries completed an ownership transfer and acquisition of the Oyster Creek Generating Station from Exelon Generation. This followed the recent approval by the Nuclear Regulatory Commission (NRC) to transfer the plant's operating license to Holtec subsidiaries Oyster Creek Environmental Protection, LLC ("OCEP"), as owner, and Holtec Decommissioning International, LLC (HDI), as the licensed operator for decommissioning. Holtec has issued a decommissioning general contract to Comprehensive Decommissioning International, LLC (CDI) to perform decontamination and decommissioning of Oyster Creek. CDI is a joint venture company of Holtec and SNC-Lavalin.

GEH offers comprehensive decommissioning project expertise, including experience gained from reactor internals replacement projects in Japan and segmentation scope for extended power uprate projects in the U.S. GEH recently completed the segmentation of reactor internals at Oskarshamn Nuclear Power Plant (OKG) Unit 2 in Sweden and is now conducting the segmentation of OKG Unit 1.

About GE Hitachi Nuclear Energy

Based in Wilmington, N.C., GE Hitachi Nuclear Energy (GEH) is a world-leading provider of advanced reactors and nuclear services. Established in 2007, GEH is a global nuclear alliance created by GE and Hitachi to serve the global nuclear industry. The nuclear alliance executes a single, strategic vision to create a broader portfolio of solutions, expanding its capabilities for new reactor and service opportunities. The alliance offers customers around the world the technological leadership required to effectively enhance reactor performance, power output and safety. Follow GEH on LinkedIn and Twitter.

About Comprehensive Decommissioning International

Comprehensive Decommissioning International (CDI), is a joint venture company of Holtec International and SNC-Lavalin (TSX: SNC) headquartered in Camden, New Jersey. CDI is a Decommissioning General Contractor (DGC); the organization that will carry out the decontamination and dismantlement work at Holtec's decommissioning facilities. CDI is dedicated to the safe, efficient, and compliant decommissioning of shuttered nuclear plants. The DGC manages onsite day to day activities. Within CDI, Holtec and SNC-Lavalin possess a combined 60 years' expertise in decommissioning project management, nuclear fuel handling and site remediation.

CDI's approach is the timely decommissioning of retired nuclear power plants by applying today's innovative technologies toward a safer and more predictable decommissioning program. In some locations, the application of new technology may enable the partial release of sites for unrestricted use within eight years after regulatory approvals (apart from the interim spent fuel storage installation). For more information visit www.cdi-decom.com.

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(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (CAD)
Sales 2019 9 182 M
EBIT 2019 269 M
Net income 2019 -1 932 M
Debt 2019 1 757 M
Yield 2019 1,24%
P/E ratio 2019 -1,56x
P/E ratio 2020 10,6x
EV / Sales2019 0,52x
EV / Sales2020 0,45x
Capitalization 3 009 M
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Average target price 30,92  CAD
Last Close Price 17,14  CAD
Spread / Highest target 139%
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Neil Alexander Bruce President, Chief Executive Officer & Director
Kevin G. Lynch Chairman
Ian Edwards Chief Operating Officer
Sylvain Girard Chief Financial Officer & Executive Vice President
Eric D. Siegel Independent Director
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