Aust firm in nuclear deal

SYDNEY: Engineering giant WorleyParsons shares jumped after it said it had won two nuclear power-plant contracts in Egypt and Armenia.

WorleyParsons says it has signed a US$160 million ($250.3 million) deal with Egyptian authorities for consultancy services to support the delivery of Egypt's first nuclear power plant.

The contract begins with site and technology selection studies and includes design, construction management, commissioning and start-up, expected to take about eight years.

WorleyParsons also announced a contract to provide consultancy services for a new nuclear power plant project in Armenia.

The contract will be implemented in four phases, with the first two phases scheduled to begin this year.

The initial phases, expected to take a year, include development of a bankable feasibility study for the project and then managing and assessing the tender process for strategic investors for the project.

Expected revenue to WorleyParsons for stages one and two is US$500,000.

Phases three and four, which are to organise and manage a tender, and then consult on design, construction and start up, could provide more than US$430 million.

- AAP