Award of UAE Armed Forces Contract (5940B)

TIDMASTO

RNS Number : 5940B

AssetCo PLC

21 February 2011

21/02/2011

 
AssetCo Secures Outsourced Fire-fighting Services 
          Contract with UAE Armed Forces 
-------------------------------------------------

AssetCo Fire and Rescue, is pleased to announce that following the establishment of its joint venture with Emirates Advanced Investments the joint venture has been awarded a GBP120m contract to provide a fully outsourced firefighting service by the GHQ UAE Armed Forces. The contract, which is for an initial 5 years (with a 5 year extension), involves a total turnkey solution for the provision of personnel, training, operational equipment and facilities management, and follows the award to AssetCo in March 2010 of the first contract of its kind in the UAE. The revenue impact for the AssetCo group is expected to be at least GBP40m over the initial 5 years.

John Shannon, Chief Executive Officer, commented:

"To have achieved success with our partners at Emirates Advanced Investments so early into our JV relationship, is a strong endorsement of the operating model we have established and the calibre of the team we have recruited during the first year of our pilot contract. We have the lead role to continue to develop and deliver an outsourced fire and rescue service in the UAE working with established Government agencies and a highly motivated local workforce."

Enquiries:

 
 AssetCo plc                                +44 (0) 20 8515 3999 
 John Shannon, Chief Executive Officer 
 Gareth White, Managing Director AssetCo 
  UAE                                       +971 (2) 412 4138 
 Arden Partners plc                         +44 (0) 20 7614 5917 
 Richard Day 
 Adrian Trimmings 
 Cadogan PR                                 +44 (0) 7771713608 
 Alex Walters

This information is provided by RNS

The company news service from the London Stock Exchange

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