Amentum Selected to Evaluate Small Modular Reactor Option in Norway

Rhea-AI Summary

Amentum (NYSE: AMTM) and Multiconsult Norge AS have been selected by Halden Kjernekraft AS to evaluate the potential construction of a small modular reactor (SMR) in Norway. The assessment will help Halden municipality determine if nuclear power can meet their advanced energy needs. The scope includes evaluating potential equipment suppliers, technical standards, and environmental impact assessment.

The project involves collaboration with Halden Kjernekraft, established by Norsk Kjernekraft, Østfold Energi, and Halden municipality. Both companies are currently involved in decommissioning work for a nuclear fuel and materials testing reactor in Halden. Multiconsult brings expertise in Norwegian supplier industry and energy sector, while Amentum contributes experience in SMR and nuclear power plant establishment in Europe and the UK.

Positive

• Secured new contract for SMR evaluation in Norway
• Leverages existing nuclear decommissioning work in Halden
• Expands international presence in European nuclear sector

Negative

• None.

Insights

Nuclear Energy Consultant

The contract win to evaluate SMR potential in Norway represents a strategic expansion of Amentum's nuclear consulting footprint in Europe. The project's significance lies in its potential to influence Norway's future energy infrastructure decisions and establish precedent for SMR adoption in the Nordic region. The collaboration with Multiconsult Norge AS leverages complementary expertise - Amentum's international nuclear experience combined with Multiconsult's local market knowledge.

While this consulting engagement alone won't materially impact Amentum's near-term financials given their $5.8B market cap, it positions them advantageously for future SMR-related opportunities as more European municipalities explore nuclear options. The project's scope covering technical standards, environmental impact and supply chain analysis could lead to longer-term involvement if Halden proceeds with SMR construction.

Market Research Analyst

This contract award signals Amentum's growing influence in the emerging SMR market, particularly in Europe where energy security concerns are driving renewed interest in nuclear power. The selection by Halden Kjernekraft demonstrates confidence in Amentum's expertise and could serve as a reference point for similar projects across the region. The company's dual involvement in both SMR development and nuclear decommissioning in Norway showcases their comprehensive nuclear services portfolio.

The strategic value exceeds the immediate revenue impact, as successful execution could lead to follow-on opportunities in the Nordic region's growing nuclear energy sector. This aligns with broader market trends toward sustainable and reliable energy sources, positioning Amentum well in the expanding SMR consulting space.

CHANTILLY, Va.--(BUSINESS WIRE)-- Amentum (NYSE: AMTM) and Multiconsult Norge AS were selected by Halden Kjernekraft AS to evaluate the potential for building a small modular reactor (SMR) in Norway, helping Halden municipality to decide whether nuclear power can meet advanced energy needs.

The two companies will carry out an assessment of potential suppliers of equipment and services within Norway and from abroad, as well as reporting on technical standards, environmental impact and other key aspects of any construction program.

Halden Kjernekraft was set up by Norsk Kjernekraft, Østfold Energi and the municipality of Halden, a town in southeast Norway close to the Swedish border, to investigate the construction of a nuclear power plant using SMR technology.

“Working with Multiconsult, we will draw on our extensive knowledge of SMR technology and nuclear supply chains to provide an objective, factual review and assist the municipality of Halden in making a well-informed decision as to whether nuclear power can contribute to solving its future energy needs," said Andy White, Amentum Senior Vice President, Energy & Environment International.

Amentum and Multiconsult are currently carrying out engineering concept design and planning work for the decommissioning of a nuclear fuel and materials testing reactor in Halden, which was operated by Norway’s Institute for Energy Technology.

“We are very pleased to have chosen Amentum and Multiconsult for this task,” said Halden Kjernekraft, Chief Executive Officer Håvard Kristiansen. “Multiconsult has extensive knowledge of the Norwegian supplier industry and the energy sector, while Amentum has rich experience from the establishment of both small modular reactors and larger nuclear power plants in Europe and the UK.”

About Amentum

Amentum is a global leader in advanced engineering and innovative technology solutions, trusted by the United States and its allies to address their most significant and complex challenges in science, security and sustainability. Our people apply undaunted curiosity, relentless ambition and boundless imagination to challenge convention and drive progress. Our commitments are underpinned by the belief that safety, inclusion and well-being are integral to success. Headquartered in Chantilly, Virginia, we have more than 53,000 employees in approximately 80 countries across all 7 continents.

Visit us at www.amentum.com to learn how we advance the future together.

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Forward-Looking Statements

This press release contains or incorporates by reference statements that relate to future events and expectations and, as such, constitute forward-looking statements under the securities laws, including statements regarding the Reverse Morris Trust transaction (the “transaction”), as described in the information statement filed as Exhibit 99.1 to the Current Report on Form 8-K of Amentum Holdings, Inc. (the “Company”) filed with the Securities and Exchange Commission (the “SEC”) on September 18, 2024 (the “information statement”). These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements, other than historical facts, including, but not limited to, statements regarding the anticipated work and revenue under the awarded contract, the expected benefits of the transaction, including future financial and operating results and strategic benefits, the tax consequences of the transaction, and the Company’s objectives, expectations and intentions, applicable legal, economic and regulatory conditions, and any assumptions underlying any of the foregoing, are forward-looking statements.

For information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the information statement. Any forward-looking statement speaks only as of the date on which it is made, and the Company assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241211997933/en/

Media Contact:

Stephen Brauner

+44.7875.877120

stephen.brauner@global.amentum.com

Source: Amentum

FAQ

What is the scope of Amentum's (AMTM) new contract in Norway?

Amentum and Multiconsult will evaluate the potential for building a small modular reactor in Halden, Norway, including assessment of suppliers, technical standards, and environmental impact.

Who are the key stakeholders in the Halden SMR project with AMTM?

The key stakeholders are Halden Kjernekraft (established by Norsk Kjernekraft, Østfold Energi, and Halden municipality), Amentum (NYSE: AMTM), and Multiconsult Norge AS.

What existing nuclear experience does AMTM have in Halden, Norway?

Amentum is currently involved in engineering concept design and planning work for the decommissioning of a nuclear fuel and materials testing reactor in Halden.

How does this SMR project align with AMTM's international nuclear expertise?

The project leverages Amentum's extensive experience in establishing both small modular reactors and larger nuclear power plants in Europe and the UK.