CET Announces Success on Major Subcontract For Naval Facilities Engineering Command, Southwest Division
Valued at approximately $30 million
ENGLEWOOD, Colo., June 18 /PRNewswire/ -- CET Environmental Services, Inc. (Amex: ENV) today announced that it is part of a team that has been awarded a $250 million remedial action contract (RAC) for environmental restoration projects on naval facilities in four western states. CET's portion as a teaming subcontractor is estimated to be $30 million. The prime contract, which has a performance period of seven years, was awarded to Clinton, NJ-based Foster Wheeler Environmental Corporation, a wholly owned subsidiary of Foster Wheeler Corporation (NYSE: FWC). CET's scope of work under its agreement with Foster Wheeler includes remedial/removal actions and emergency response throughout Southern California, Arizona, New Mexico, and Southern Nevada. Initial work is scheduled to begin October 1, 1998.
Foster Wheeler Program Manager Neil Hart stated, "We look forward to working with CET's talented remediation group on this important Navy contract. CET's inclusion on the Foster Wheeler team is an extension of our success on other projects and provides for the continuing development of our relationship in the performance of the Navy RAC."
CET Chief Executive Officer Steven H. Davis commented, "This culminates months of work by Foster Wheeler, CET, and other teaming subcontractors. This contract bolsters the Company's already strong government services backlog and further establishes CET's position as a first-rate national remediation resource."
CET conducts business in three primary areas: water/wastewater treatment, industrial services, and government programs. The Company provides a broad range of expertise in technology-based environmental services for both the public and private sectors throughout the United States. |
