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July 1, 2014
10:43 EDTUSU, BWCUSEC rises after getting added $2.5M funds under DOE agreement
USEC (USU) disclosed in a regulatory filing yesterday that, on June 27, the company entered into an amendment to the agreement dated May 1 with UT-Battelle, as operator of Oak Ridge National Laboratory, for continued research, development and demonstration of the American Centrifuge technology in furtherance of the U.S. Department of Energy’s national security objectives. The amendment amends the ACTDO Agreement to provide for additional funds of approximately $2.5M, bringing total funding to approximately $16M. The other terms and conditions of the ACTDO Agreement were not changed by the amendment. The ACTDO Agreement provides for continued cascade operations, the continuation of core American Centrifuge research and technology activities, and the furnishing of related reports to ORNL. The agreement is a firm fixed price contract with a total price of approximately $33.7M for the period from May 1 to September 30. The agreement provides for payments of approximately $6.7M per month and is incrementally funded. Funds currently allocated to the ACTDO Agreement are expected to cover the work to be performed through July 11. The agreement also provides ORNL with two options to extend the agreement by six months each. Each option is priced at approximately $41.7M. Additionally, on June 27, USEC, together with its direct and indirect subsidiaries American Centrifuge Holdings and American Centrifuge Manufacturing, signed an agreement with The Babcock & Wilcox Company (BWC) to resolve issues related to the expiration and termination of certain agreements in connection with (i) the limited demobilization of certain American Centrifuge project activities, including manufacturing activities, as a result of the reduction of the scope of work on the American Centrifuge project under the ACTDO Agreement; and (ii) the automatic, no-cost transfer of B&W TSG’s ownership interest in ACM to ACH. ACM was established as a jointly owned company between ACH, a wholly-owned subsidiary of the Company, and B&W TSG for the purpose of manufacturing and assembling AC100 centrifuge machines. Shares of USEC are up 54% to $4.67 in mid-morning trading.
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