Bazalgette Finance PLC TIDEWAY OPERATIONAL UPDATE TO INVESTORS (9598W)

TIDM38LO

RNS Number : 9598W

Bazalgette Finance PLC

24 August 2020

Bazalgette Finance plc

TIDEWAY OPERATIONAL UPDATE TO INVESTORS

Bazalgette Finance plc is providing an update in respect of Bazalgette Tunnel Limited, trading as Tideway, the company delivering the Thames Tideway Tunnel, following an assessment of the impact of the COVID-19 pandemic on its operations.

The company's latest modelling indicates construction work, which was due to be completed in 2024 (the project 'handover' date), is now likely to be completed in the first half of 2025, adding nine months to its current schedule.

The approved revised forecast adds GBP233m to the previous forecast, taking the estimated project cost to GBP4.133bn.

Tideway is in discussions with Ofwat on a package of measures that would mitigate the financial impact of COVID-19 on the company. We are making progress in these discussions and we expect to reach a full agreement in the coming months.

Following a temporary pause of all but essential works at the start of the UK lockdown, construction work recommenced on the majority of the company's worksites in May, albeit at a lower level of activity in order to comply with social distancing requirements.

The company published its annual report and accounts in June 2020, setting out the progress made in 2019/20, including constructing half of the super sewer. The report also provided further detail of the measures taken as a result of the pandemic.

Tideway's most recent investor report was published in July 2020.

For further information, please contact:

investor.relations@tideway.london

press@tideway.london

Taylor Geall 07813 450 682

Bazalgette Finance plc

Cottons Centre

Cottons Lane

London

SE1 2QG

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