Foster Wheeler Agree Final Mod to Contract for Spent Nuclear Fuel Storage Facility

Foster Wheeler Ltd. subsidiary Foster Wheeler Environmental Corporation (FWENC) has agreed a Final Modification to its contract with the U.S. Department of Energy (DOE) to design and construct a spent nuclear fuel storage facility at the DOE's Idaho National Laboratory.

Under the agreed Final Modification, the contract will be terminated on a no-fault basis once FWENC has transferred to the DOE certain licenses, permits, contracts, drawings, and other documents related to the project. At that time, the DOE and FWENC will also exchange broad releases of claims related to the project. Neither party is required to pay the other any money pursuant to the Final Modification.

FWENC is in the process of arranging the necessary transfers, which are not yet complete. The target date for completion of the transfer and the related exchange of releases is March 6, 2006.

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Posted 23/02/06

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