Silverdell announces major Canadian contract wins

Silverdell plc has announced that it has secured contracts from two major clients for decontamination and decommissioning work in Ontario and Quebec with a total value of €19 million (US$23 million). This follows its acquisition in May of UK-based decommissioning and dismantling specialist EDS, who has operations in the UK, Canada and Australia, to create a large scale specialist environmental support services group and extend Silverdell's reach into these regions of the world.

The first and larger contract with a value of €13.4 million (US$16.6 million) has been awarded to Silverdell for the complete removal of a chemicals plant in Millhaven, Ontario, with work including decontamination, demolition and selective dismantling, including asbestos remediation that is currently underway that is expected to take 60 weeks to complete. The second contract, with a value of €2.8 million (US$3.4 million) is for the dismantling of a pulp and paper mill in Chandler, Quebec, and the recovery of some of the mill equipment for use in Vietnam.

Silverdell CEO Sean Nutley said: "When we announced our intention to acquire EDS, we said that we believed it would be a transformational acquisition that would be immediately earnings enhancing, and would grant us immediate scale and capability internationally, with Canada as a target market. We also stated our belief that the acquisition would enable us to win large contracts with multi-national corporations."

He went on to say: "These contract wins validate the strategic rationale behind our acquisition of EDS and further underpin our confidence for 2013. The enlarged Silverdell Group provides a unique end-to-end suite of remediation, decontamination and decommissioning services. This makes us a very attractive partner to blue chip customers in high hazard highly regulated sectors. We look forward to announcing further contracts wins in due course."