Non-renewal of BHP maintenance contract

STOCKHOLM, Dec. 17, 2020 /PRNewswire/ -- After a public tender process, BHP has decided to not renew a maintenance contract in its Chilean Escondida mine which was originally entered with Quant in 2009. Quant will continue to manage the maintenance on the site until 28 February 2021 to ensure the completion of the current contract and a smooth handover of maintenance operations. The result and profitability of Quant in the fourth quarter of 2020 will be negatively affected by one-off costs relating to demobilizing the site for up to EUR 2 million. In its quarterly report for the fourth quarter of 2020, Quant will reduce its contract portfolio value with EUR 11.2 million.

"For over a decade we have increased safety and performance at the Escondida mine and we stay committed to relentlessly deliver top performance in our remaining contracts with BHP", says Maximiliano Aqueveque, SVP Regional Manager Americas at Quant.

For further information, please contact:
Tomas Rönn
CEO
+46 720 92 11 20

André Strömgren
CFO
+46 708 410 796

E-mail: ir@quantservice.com 

Quant AB (publ) is a global leader in industrial maintenance. For over 30 years, we have been realizing the full potential of maintenance for our customers. From embedding superior safety practices and building a true maintenance culture, to optimizing maintenance cost and improving plant performance, our people make the difference. We are passionate about maintenance and proud of ensuring we achieve our customers' goals in the most professional way. The group operates internationally in close to 20 countries world-wide, employing 2,300 people. The parent company is located in Stockholm, Sweden.

Quant AB (publ) is privately held by Nordic Capital since 2014. For additional information about the group, please visit www.quantservice.com.

This information is information that Quant is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 17 December 2020.

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https://news.cision.com/quant-ab/r/non-renewal-of-bhp-maintenance-contract,c3256740

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