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UK govt’s dubious plan for funding Amec Foster Wheeler’s research on Small Modular Nuclear Reactors (SMRs)

Amec Foster Wheeler To Lead UK Government’s Nuclear Reactor Research, Alliance News , By Joshua Warner;; @JoshAlliance, 28th Jul 2017 LONDON  – Amec Foster Wheeler PLC on Friday said it has handed a GBP2.9 million contract from the UK government to lead a “key” research programme that aims to use developments in digital technology to optimise the next generation of nuclear reactors……

The project is part of a broader effort to put UK industry at the forefront of developing Generation IV and small modular reactors…….

Amec Foster Wheeler is being supported by partners and sub-contractors from industry, academia and science, including the University of Liverpool’s Virtual Engineering Centre, the Hartree Centre, National Nuclear Laboratory, Rolls-Royce Holdings PLC, EDF Energy, the University of Cambridge and Imperial College London.

Professor Eann Patterson from the University of Liverpool, also partnering on the project, will be the lead academic of the research programme……..

The contract award comes as Amec Foster Wheeler is in the midst of merging with peer John Wood in a GBP2.20 billion deal that is expected to take place in the fourth quarter. Amec Foster Wheeler only last month made a decision to retain its European nuclear business after consulting John Wood, but is still pushing to offload its North American nuclear unit.

The North American nuclear operations are nominal within the wider company, adding a trading profit of just GBP1.0 million and revenue of GBP83.0 million to Amec Foster Wheeler’s 2016 results.

What’s more, Amec Foster Wheeler is being investigated by the UK Serious Fraud Office about possible offences related to corruption and bribery related to its past relationship with Monaco-based Unaoil SAM, which has been being probed by the SFO for suspected fraud, bribery and money laundering since July 2016.

That probe into Unaoil also hit oil services provider Petrofac Ltd, forcing the resignation of its chief operating officer.


July 29, 2017 - Posted by | business and costs, politics

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