Parsons Completes SWPF Design Capacity Performance Test
CENTREVILLE, Va., Oct. 21, 2019 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) has successfully completed a key test to validate the capacity of Salt Waste Processing Facility (SWPF) at the Savannah River Site, a significant milestone that moves the plant closer to startup.
The Design Capacity Performance Test (DCPT) was completed on September 30, 2019 and successfully demonstrated that the SWPF will perform at a capacity of at least 7.3 million gallons per year. The successful result is the culmination of more than 15 years of project activities validating the integrated design, testing and commissioning of SWPF.
"This is truly a major accomplishment for Parsons and the Department of Energy, demonstrating the performance of the plant, our processes and our people," said Frank Sheppard, senior vice president and SWPF project manager for Parsons. "The facility ran at full capacity during the test period without any major issues and performed exactly as it was designed."
Once operational, SWPF will process the majority of the site's salt waste inventory by treating highly radioactive salt solutions stored in underground tanks at the Savannah River Site. Future processing will occur at 10 times the rate it is being processed today. Removing salt waste, which fills over 90 percent of tank space in the Savannah River Site tank farms, is a major step toward emptying and closing the site's remaining 43 high-level waste tanks.
A key to the success of the project has been the Department of Energy's commitment to designing and operating the processing technology on a smaller scale before delivering the processing capability on a large scale through SWPF.
"The partnership with DOE and the other contractors at Savannah River Site has been tremendous as we've all worked together to bring this technology up to scale," said Tom Burns, senior vice president and SWPF deputy project manager for Parsons.
The DCPT was the most realistic operation on SWPF to date, using simulated radiological chemicals, standard operating procedures, full mock radiological controls for all activities during DCPT, full laboratory sampling and analysis and demonstrated performance of the operations crews.
"The performance of our workforce during this test and throughout this process has been exceptional," said Sheppard. "Their commitment to safety shines through in everything they do. They continue to raise the bar."
About Parsons Corporation
Parsons (NYSE: PSN) is a leading disruptive technology provider for the future of global defense, intelligence and critical infrastructure with capabilities across cybersecurity, missile defense, space, connected infrastructure and smart cities. Please visit parsons.com, and follow us on LinkedIn and Facebook to learn how we're making an impact.
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government's budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors' protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption "Risk Factors" in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Media Contact:
Bryce McDevitt
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Investor Relations Contact:
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SOURCE Parsons Corporation
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