11:09 AM EST, 01/23/2025 (MT Newswires) -- AtkinsRealis ( SNCAF ) unit Candu Energy, in a joint venture (JV) with Aecon Group ( AEGXF ) , said on Thursday it was awarded a $2.1 billion contract by Ontario Power Generation (OPG) to progress the early works associated with the Pickering Nuclear Generating Station Retube, Feeder and Boiler Replacement project.

The mandates are worth $1.1 billion to the JV for early works and roughly $1 billion for the definition phase. AtkinsRealis' ( SNCAF ) share of the early works portion of the contract was added to its Nuclear backlog in the third quarter of 2024. Its share of the definition phase contract will be added to its Nuclear backlog in the first quarter of 2025.

The company said the contract "covers professional engineering services, procurement, and execution planning associated with critical path activities for Ontario's announced life-extension of four of Pickering's CANDU reactors to operate until the mid 2060".

An Aecon ( AEGXF ) statement also noted that the JV is currently executing OPG's four-unit Darlington Refurbishment Project. Aecon ( AEGXF ) and AtkinsRealis ( SNCAF ) have refurbished three out of the four units ahead of schedule. The project is over 85% complete in its 10-year execution phase.

AtkinsRealis ( SNCAF ) shares were last seen down $0.71 to $83.03 on the Toronto Stock Exchange, while Aecon ( AEGXF ) was up $0.23 to to $25.52.

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