A struggling engineering firm from Britain, Avingtrans, has been awarded a $73 million contract to build nuclear waste storage containers at Sellafield, site of one of the world’s oldest nuclear power plants, which went on line in 1956.
The 10-year contract involves Stainless Metalcraft, which is part of the company’s Energy and Medical division, the Interactive Investor reported.
From $7.75million to $12 million will be used to develop a production operation for the containers, which are expected to be available in three years. The contract then calls for construction of 1,000 three-cubic meter containers.
Avingtrans’ Energy and Medical division has been hurt by a weak oil market. In 2012, the company signed a $124 million parts contract with aerospace engine builder Rolls-Royce, but the company has since said a “key customer” has cut short-term orders. Revenue has dropped 14 percent over a six-month period to $42.7 million.
“This is a landmark contract for Metalcraft and we’re genuinely excited by the potential it offers,” said Stainless Metal craft and E&M managing director Austen Adams in a statement.