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Costain walks away from National Grid contract
29th Jun 2020 09:32
(Sharecast News) - Infrastructure solutions group Costain said on Monday that both it and National Grid had mutually agreed to terminate a contract between the pair.
Costain said it had now been released from its contractual obligations to complete work for National Grid following detailed discussions between the two companies.
The FTSE 250-listed firm stated it had chosen to walk away from the contract after it underwent "significant change and additional scope", which had impacted on the forecast target cost and schedule for completion of the work.
Costain will now start to fully demobilise all of its remaining activity relating to the contract, with completion expected to take place by 31 August.
As of 0930 BST, Costain shares were up 3.38% at 69.78p.
Costain said it had now been released from its contractual obligations to complete work for National Grid following detailed discussions between the two companies.
The FTSE 250-listed firm stated it had chosen to walk away from the contract after it underwent "significant change and additional scope", which had impacted on the forecast target cost and schedule for completion of the work.
Costain will now start to fully demobilise all of its remaining activity relating to the contract, with completion expected to take place by 31 August.
As of 0930 BST, Costain shares were up 3.38% at 69.78p.