OL3 - Arbitration Procedure: Update of the Consortium AREVA & Siemens Claim

Regulatory News:

AREVA (Paris:AREVA):

In the frame of the ongoing ICC arbitration proceedings related to the construction of the OL3 nuclear power plant, the Supplier Consortium AREVA & Siemens updated on October 23, 2014 its claim against Finnish utility TVO to reflect refinements in the substantiation and account for interest accrued up to this point. For events occurring during the construction period up to June 2011, the Supplier claims a total of approximately € 3.5 billion arising from additional work, disruption and prolongation of the project.

On October 21, 2014, TVO announced that its counterclaims may increase to €2.3 billion for the period until the end of 2018. The Supplier and its counsel still consider the allegations made to be unfounded.

The arbitration proceedings may continue for several years.

The project is progressing currently in accordance with the updated time schedule that was delivered to the Supplier Client's TVO on August 29, 2014. The Supplier remains fully committed to completing the Olkiluoto 3 project as quickly as possible, while meeting the highest standards on Safety.

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