Williams Industrial Services Group Awarded Contract to Provide Services for Nuclear Decommissioning Program
ATLANTA--(BUSINESS WIRE)-- Williams Industrial Services Group Inc. (OTCQX: WLMS) (“Williams” or the “Company”), a construction and maintenance services company, announced today that it has been awarded a Master Services Agreement to support Comprehensive Decommissioning International, LLC (“CDI”) in the decommissioning of shut down nuclear plants that have been acquired by subsidiaries of Holtec International. The national, multi-year contract provides Williams a mechanism to supply supervision and craft labor for civil, electrical, and mechanical deconstruction activities, demolition and reactor segmentation support, and site remediation initially at the Oyster Creek Generating Station in New Jersey and Pilgrim Nuclear Power Station in Massachusetts, as well as on future decommissioning projects.
Kelly Powers, President of Williams, Power, commented, “We believe we were awarded this contract as a result of our proven safety track record and over 50 years of experience in the nuclear maintenance and construction industry. We are honored to be working with CDI to support their goal of accelerated decommissioning of retired nuclear plants to return available space to productive use.”
Williams estimates it will realize about $15 million in revenue associated with decommissioning projects in 2020.
Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of construction, maintenance and support services to customers in energy, power and industrial end markets. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.
Additional information can be found at www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s contract awards, experience in the nuclear industry, expected revenue and future work, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including its ability to safely and effectively support accelerated decommissioning of retired nuclear plants, earn additional contract awards, grow its backlog and execute its strategy. Actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Additional risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, reduced demand for, or increased regulation of, nuclear power, loss of any of the Company’s major customers, whether pursuant to the loss of pending or future bids for either new business or an extension of existing business, termination of customer or vendor relationships, cost increases and project cost overruns, unforeseen schedule delays, poor performance by its subcontractors, cancellation of projects, competition, including competitors being awarded business by current customers, damage to the Company’s reputation, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, volatility of the Company’s stock price, deterioration or uncertainty of credit markets, changes in the economic and social and political conditions in the United States, including the banking environment or monetary policy, and any suspension of the Company’s continued reporting obligations under the Securities Exchange Act of 1934, as amended.
Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the SEC, including the section of the Annual Report on Form 10-K for its 2018 fiscal year titled “Risk Factors.” Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.
Deborah K. Pawlowski
Kei Advisors LLC
Source: Williams Industrial Services Group Inc.
Released February 3, 2020