PASADENA, Calif., April 24, 2012 /PRNewswire/ -- Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it was awarded its second option year on the Tennessee Valley Authority's (TVA) Ash Recovery Project at the Kingston Fossil Plant in Kingston, Tenn.
The option year has a potential value of more than $10 million.
Jacobs, acting as project manager/construction manager for the project, has provided comprehensive program oversight at the Kingston site since February 2009 after a dike containing coal combustion ash failed, releasing approximately 5.4 million cubic yards of ash into surrounding waterways and property. Jacobs continues to provide technical assistance to TVA in managing and executing the overall recovery, remediation and disposal of the ash.
In making the announcement, Jacobs Group Vice President Terry Hagen stated, "We look forward to continuing our relationship with TVA and are delighted to support its goal of restoring the area to as good as or better condition than before the ash spill."
Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management's current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2011 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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SOURCE Jacobs Engineering Group Inc.