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УСУ Message Board

  • lewis_whokeyser lewis_whokeyser Jun 4, 2014 5:38 PM Flag

    USEC Gets an Additional $5 Mill

    Amendment No. 001 amends the ACTDO Agreement to provide for additional funds of $5 million, bringing total funding to $11.7 million. Amendment No. 001 also amended the milestone payment schedule to conform it to the due dates for monthly reports. The other terms and conditions of the ACTDO Agreement were not changed by the Amendment.

    The ACTDO Agreement provides for continued cascade operations and 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 $33.7 million for the period from May 1, 2014 to September 30, 2014. The agreement provides for payments of approximately $6.7 million per month and is incrementally funded. Funds currently allocated to the ACTDO Agreement are expected to cover the work to be performed until June 22, 2014, and USEC expects that the balance of funds required to cover the month of June 2014 will be allocated to the agreement shortly. The agreement also provides ORNL with two options to extend the agreement by six months each. Each option is priced at approximately $41.7 million. ORNL may exercise its option by providing notice 60 days prior to the end of the term of the agreement. The total price of the contract including options is approximately $117 million.

    The Company or its subsidiaries are also a party to a number of other agreements or arrangements with the U.S. government, as described in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q.