PASADENA, Calif., May 15, 2012 /PRNewswire/ -- Jacobs Engineering
Group Inc. (NYSE:JEC) announced today that AWE Management Limited
(AWE ML), in which it has a one third share, has concluded the
arrangements for the next pricing period regarding the contract to
Manage and Operate the Atomic Weapons Establishment (AWE) plc in
the United Kingdom. Formed in 2000, AWE ML is a joint venture
between Jacobs, Lockheed Martin and Serco to manage AWE plc on
behalf of the UK Ministry of Defence (MOD).
The conclusion of recent negotiations is an important milestone
although the contract has no material changes. The new arrangements
will take effect from 1 April 2013
and run through to 31 March 2018. The total value to AWE ML
is an average of around 1 billion GBP (USD 1.59 billion) per year with approximately 40
percent to be invested in capital projects.
Jacobs President and CEO Craig
Martin stated, "Working in partnership with the Ministry of
Defence, we have successfully overseen and managed the delivery of
services by AWE plc in support of the UK's nuclear weapons
program for a number of years and look forward to continuing to
make a key contribution to its mission, together with our partners
Lockheed Martin and Serco."
AWE ML manages AWE plc for the MOD under a Government
Owned/Contractor Operated arrangement. AWE's sites and
facilities remain in government ownership, but day-to-day
management is contracted to AWE ML. The AWE ML contract is
performance based.
Jacobs is one of the world's largest and most diverse providers
of technical, professional, and construction services.
Statements made in this release that are not based on historical
fact are forward-looking statements. We base these forward-looking
statements on management's current estimates and expectations as
well as currently available competitive, financial and economic
data. Forward-looking statements, however, are inherently
uncertain. There are a variety of factors that could cause business
results to differ materially from our forward-looking
statements. For a description of some of the factors which may
occur that could cause actual results to differ from our
forward-looking statements please refer to our 2011 Form 10-K, and
in particular the discussions contained under Items 1 - Business,
1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's
Discussion and Analysis of Financial Condition and Results of
Operations. We do not undertake to update any forward-looking
statements made herein.
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For additional information contact:
Michelle Jones
626.578.6968
SOURCE Jacobs Engineering Group Inc.