Mr. Ian Edwards reports

SNC-LAVALIN JOINT VENTURE CONTINUES TO SECURE ONTARIO'S CLEAN ENERGY SUPPLY WITH $1.3 BILLION CANDU REFURBISHMENT AT BRUCE POWER

Shoreline Power Group, a contractual joint venture between SNC-Lavalin Group Inc., Aecon, and United Engineers & Constructors, has signed a 10-year, $1.3-billion agreement with Bruce Power. The mandate is to extend the life of four of Bruce Power's Candu reactors to 2064. SNC-Lavalin's portion of the contract is valued at approximately $173-million. SNC-Lavalin's Canadian nuclear division will provide project management services associated with the reactor refurbishment of units 4, 5, 7 and 8, the remaining units at Bruce Power that have yet to undergo a life extension process.

"The critical role of nuclear power in providing energy security, meeting the ever-increasing demand for electricity and a means to achieving global net-zero commitments is no longer in dispute," said Ian L. Edwards, president and chief executive officer, SNC-Lavalin. "Large reactors in particular will play a key role in providing the vast amount of electricity required in the future. As the steward of the Candu reactor technology around the world, and a provider of the full life cycle of nuclear services, we are well positioned to capitalize on the rising demand for nuclear energy."

Shoreline Power Group has worked on the successful life extension of Bruce Power's unit 6, which is being returned to service later in 2023, after an on-time and on-budget refurbishment; while its work on the refurbishment of Bruce Power's unit 3 continues, having begun in 2022. Bruce Power's units 1 and 2 were refurbished in 2012. The life extensions of Bruce Power's reactors represent Ontario's largest clean-energy infrastructure project. It directly and indirectly supports 22,000 jobs annually, and injects $4-billion into the province's economy.

The Bruce Nuclear Generating Station is the world's largest operating nuclear facility, producing 30 per cent of Ontario's power. It also provides a significant amount of cancer-fighting medical isotopes for hospitals globally.

The scope of work for the latest agreement includes the overhaul of the core reactor components of the Candu units. Preparatory work is expected to commence in 2023, with completion anticipated in 2032.

"This contract win is not only a demonstration of the confidence that Bruce Power has in our technical knowledge as the steward of Candu technology, but also in our track record in delivering work that is on time and on budget," said Joe St. Julian, president, nuclear, SNC-Lavalin. "SNC-Lavalin is the only organization that has taken a leading role in all Candu reactor life extension projects to date globally. We will continue to deploy our global experience and implement best practices to ensure we drive continuous efficiencies on cost and schedule performance to make these upcoming life extensions an even greater success."

About SNC-Lavalin Group Inc.

Founded in 1911, SNC-Lavalin is a fully integrated professional services and project management company with offices around the world dedicated to engineering a better future for the planet and its people. The company creates sustainable solutions that connect people, technology and data to design, deliver and operate the most complex projects. It deploys global capabilities locally to its clients and delivers unique end-to-end services across the whole life cycle of an asset, including consulting, advisory and environmental services, intelligent networks and cybersecurity, design and engineering, procurement, project and construction management, operations and maintenance, decommissioning, and capital -- and delivered to clients in key strategic sectors such as engineering services, nuclear, operations and maintenance, and capital.