Silverdell to decommission Canadian thermal power station

Specialist environmental support services group Silverdell has signed a contract with Canada's largest electricity generator, Hydro Qubec, for the decommissioning and parts re-sale of its redundant Tracy thermal power plant in a project worth approximately 12m pounds in revenues to Silverdell.

Under the terms of the agreement, AIM-listed Silverdell will market approximately 37,000 tonnes of re-usable plant, equipment and metals for industrial sale.

The group will then undertake the decommissioning of the power plant, including asbestos removal, dismantling and the sale of the reusable assets.

Work is scheduled to commence in the second quarter of 2013 and is expected to complete within 12 months.

Referencing its acquisition of EDS, a specialist provider of decommissioning and dismantling services earlier in the year, Sean Nutley, Chief Executive Officer of Silverdell, commented: "A key part of our growth strategy, 'Changing the Landscape', as set out in our preliminary results statement last December, is to leverage our enhanced scale and capability to exploit new market opportunities worldwide. That is exactly what we have done with this contract.

"The acquisition of EDS afforded us entry to the high value global decommissioning and re-sale market with a project which is ideally suited to our end-to-end service offering."

Silverdell's share price rose 3.76% to 17.25p at 11:13 on Monday.

MF