Driver Group plc Contract Win (2074Q)
February 25 2016 - 11:02AM
UK Regulatory
TIDMDRV
RNS Number : 2074Q
Driver Group plc
25 February 2016
Driver Group plc
("Driver" or the "Group")
Contract Win
Driver provides disputes, programme & project management and
other consulting services to construction, engineering and
industrial markets around the world
Driver confirms the award of a professional services contract
with International Power Consortium South Africa (Pty) Ltd (IPCSA)
to deliver specific project advisory and project management
services for the new privately owned Saldanha gas-fired power
plant. The contract is however subject to the procurement of
sufficient funding for the project, the first stage of which is the
securing of seed capital for the completion of a bankable
feasibility study. This is not yet complete.
The project is designed to provide a comprehensive solution to
ArcelorMittal Saldanha Steel to sustain its business beyond 2019.
IPCSA and ArcelorMittal signed a development agreement in December
2014 in terms of which IPCSA is the project owner. The power plant
will be located in Saldanha Bay, approximately 150km north of Cape
Town. The Combined Cycle Gas Turbine (CCGT) power station will have
an installed capacity of 1500MW with a potential to increase to
3000MW in future if required. The power plant will supply all of
the power requirements for Saldanha Steel up to 250MW, while the
additional electricity will be made available to support and
sustain existing industry and encourage economic growth in Saldanha
Bay, the West Coast District Municipality and the Western Cape
Province.
Assuming funding is available Driver's services will range from
transaction advisory, feasibility, strategic project advice and
project management through construction and completion. Securing
seed capital for the completion of a bankable feasibility study has
already commenced. Initial findings indicate that this study will
conclude a positive feasibility for the project's successful
execution. The fee for Driver will not be material in the current
financial year but subject to funding the benefits will be felt in
subsequent financial years.
Dave Webster, CEO of Driver, stated "I am delighted that our
South African team have been able to secure the appointment of
professional services for such a strategic and high profile
project. This appointment further strengthens our credentials in
the development and project management of large infrastructure
schemes."
Enquiries:
Driver Group plc
Dave Webster, Chief Executive Tel +44(0)1706223999
Damien McDonald, Group Finance Director Tel +44(0)1706223999
Panmure Gordon (UK) Ltd
Dominic Morley / James Greenwood Tel +44(0)2078862500
This information is provided by RNS
The company news service from the London Stock Exchange
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