Montreal: November 7, 2023 – Candu Energy Inc., an AtkinsRéalis company [SNC-Lavalin Group Inc.] (TSX: ATRL) and the Canadian Commercial Corporation (“CCC”), a federal Crown corporation, have received an award letter from Nuclearelectrica S.A. (SNN) to provide engineering, technology and procurement of tooling and reactor components in support of the life extension of SNN’s Unit 1 CANDU® reactor at the Cernavoda Nuclear Power Plant in Romania. Valued at approximately $750 million, the contract will build on a series of earlier pre-project contracts for AtkinsRéalis in Romania.
“As the original equipment manufacturer (OEM) of CANDU nuclear technology, we are proud that this tried and tested Canadian-developed solution—that has been so effective domestically and abroad— has also provided Romanians with emissions-free, cost-efficient and uninterrupted power for generations, securing its continued energy independence and also serving as an excellent blueprint for the rest of Eastern Europe,” said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. “Not only is this award perfectly aligned with our Net Zero philosophy, but it also operationalizes our commitment to engineer a better future for our planet and its people.”
As the exclusive licensee of CANDU intellectual property portfolio and contributing its unique experience and know-how in respect of all aspects of CANDU technology, AtkinsRéalis is the only organization which has taken a leading role in all CANDU reactor life extension projects to date globally, including those successfully executed or underway in Asia, North America, and South America. Work currently being performed by AtkinsRéalis for CANDU reactor life extension projects in Ontario, spanning 10 reactors at Darlington and Bruce Power, is running on time and on budget.
“We are happy to extend our collaboration for the Retubing and Refurbishment Project of Cernavoda Unit 1 NPP with AtkinsRéalis, which already proved its experience and capabilities. As Unit 1 is a strategic pillar for Romania’s energy stability, we are proud to conduct this project at excellent standards and continue to offer clean energy for the following 30 years after its refurbishment. Moreover, the extension of the lifetime of Unit 1 will continue to bring multiple benefits to Romania: preserving high quality jobs, as well as creating new ones, investments in the community, an important contribution to local and national budget, as well as projects for the local supply chain, as part of our vision to create a sustainable future for the next generations,” said Cosmin Ghiță, CEO of Nuclearelectrica SA.
“We’re honoured and privileged to continue our decades-long relationship with SNN and this award letter is a sign of their continued confidence in our longstanding work and proven capabilities at Cernavoda,” said Joe St. Julian, President, Nuclear, AtkinsRéalis. “It is an important step toward the work that needs to be undertaken to extend the life of their CANDU reactor and to continue the legacy of CANDU technology’s exemplary operating and safety record, which is a source of pride in Romania. It’s why they’re also progressing plans for the build of two more CANDU reactors on the Cernavoda site.”
Contract signing is scheduled to take place in the coming weeks and its entry in force will be subject to the approval of SNN’s General Meeting of Shareholders and the completion of Government of Canada formal approval processes.
About AtkinsRéalis
Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-leading professional services and project management company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in key strategic sectors such as Engineering Services, Nuclear, Operations & Maintenance and Capital. News and information are available at www.atkinsrealis.com or follow us on LinkedIn.
About AtkinsRéalis’ Nuclear Business
AtkinsRéalis has over 70 years’ of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis is also involved in developing medical radioisotopes for cancer research through its partnership with TerraPower. Read more on our Nuclear market page.
® CANDU is a registered trademark of Atomic Energy of Canada Limited, used under exclusive license by Candu Energy Inc., a subsidiary of SNC-Lavalin Group Inc. doing business as AtkinsRéalis.
Forward-Looking Statements
Reference in this press release to the “Company” or to “SNC-Lavalin” means, as the context may require, SNC-Lavalin Group Inc. doing business as AtkinsRéalis or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company’s or management’s expectations or strategies may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “expects”, “forecasts”, “intends”, “may”, “objective”, “plans”, “projects”, “should”, “will”, “likely”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company’s 2022 Annual MD&A (particularly in the sections entitled “Critical Accounting Judgments and Key Sources of Estimation Uncertainty” and “How We Analyze and Report our Results”) and as updated in the first and second quarters of 2023 MD&A each filed with the securities regulatory authorities in Canada, available on SEDAR+ and on the Company’s website at under the “Investors” section. If these assumptions are inaccurate, the Company’s actual results could differ materially from those expressed or implied in such forward looking statements. In addition, important risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the Company’s 2022 Annual MD&A (particularly in the sections entitled “Risk and Un certainties”) and as updated in the first and second quarters of 2023 MD&A and are not exhaustive. The forward-looking statements herein reflect the Company’s expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation....
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