Engineering firm Jacobs Solutions has been awarded a Project Management Resources (PMR) contract valued at over $53 million with EDF (EPA:EDF) Nuclear Generation, as announced on Monday. The contract, set to commence on January 1, 2024, is a testament to Jacobs' commendable performance in previous years, which has led to the company being granted single-source contracting.
The contract entrusts Jacobs with the responsibility of overseeing eight nuclear power stations across the U.K., including Heysham 2. These stations collectively contribute to approximately 16% of the country's electricity supply. As part of the agreement, Jacobs will aid operations at four Advanced Gas-cooled Reactor (AGR) stations and manage the transition from generation to defueling at three other AGR stations. Additionally, the firm will supervise the operation of Sizewell B's pressurized water reactor.
The existing PMR contract already supports over 200 project management and engineering specialists along with site team supervisors. The new framework agreement further solidifies Jacobs' position in the industry. In anticipation of this expanded role, Jacobs, a company with an annual revenue of $15 billion and a workforce exceeding 60,000, is actively recruiting across the U.K. The company is seeking diverse applicants, including those with non-nuclear experience.
Karen Wiemelt, Jacobs Senior Vice President, reaffirmed their commitment to sustainable and emission-free energy generation in the U.K., aligning with their ambition to "reinvent tomorrow". She stated that Jacobs will assist EDF in maximizing generation from these key national assets while supporting energy security and net-zero carbon goals by 2050. The firm will also facilitate transitioning towards defueling and decommissioning at stations that have ceased generating power.
On Friday, prior to the announcement of this new contract, shares of Jacobs on NYSE closed at $133.97. The company's forward-looking statements reflect current estimates and expectations, including the potential impact of the ongoing COVID-19 pandemic on business results. Jacobs maintains an active presence on social media platforms such as Facebook (NASDAQ:META), Instagram, and LinkedIn.
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