Statement re. DNV Temporary S

RNS Number : 3356J

Camco International Ltd

02 December 2008

 



2 December 2008

 

 

Camco International Limited (the 'Company' or ‘Camco’)

 

Update on the impact of DNV temporary suspension

 

Camco International Limited, a leading climate change business in the growing carbon and sustainable development markets, notes the temporary suspension of Det Norske Veritas's ('DNV') from undertaking certain activities pursuant to its role as a designated operational entity ('DOE'). 

The suspension of DNV until the forty-fifth meeting of the Executive Board in February 2009 is not anticipated to have a material impact on Camco's operations. 

Notably Camco's forward sale obligations are all on a 'best efforts' rather than a 'guaranteed' basis, therefore a delay in the delivery of certified emission reduction certificates ('CERs'), while a regrettable development, does not create a liability to purchase CERs to meet delivery obligations for the Company.

The suspension of DNV until the forty-fifth meeting of the Executive Board will impact its ability to carry out the following services for Camco:

-        In relation to projects expecting validation under the CDM, six projects are under validation and two of these projects were expected to be validated prior to 31 March 2009. None of the six projects were expected to make a delivery of CERs during 2009. 

-        In relation to projects expecting verification prior to 31 March 2009, there are nine projects with expected verifications of approximately 776,000 tonnes prior to 31 March 2009. These verifications will be delayed until later in 2009.

DOEs play an important role in the delivery of Camco's portfolio of carbon assets. Camco contracts with multiple DOEs for validation and verification of its projects to minimise the risk associated with any one DOE.

Enquiries:

The Camco Group	[phone]
Jeff Kenna, Chief Executive Officer
Scott McGregor, Chief Financial Officer
Bradley Hopkins, Investor Relations
KBC Peel Hunt Ltd (Nominated Adviser and Broker)	[phone]
Jonathan Marren
David Anderson
Gavin Anderson	[phone]
Ken Cronin
Kate Hill
Janine Brewis
Daniela Stawinoga

Notes to editors:

About Camco

The Camco Group is a leading climate change business in the growing carbon and sustainable energy markets. We offer a full range of carbon-related services to public and private organisations worldwide. The Group has a 20-year track record and manages one of the world's largest carbon credit portfolios.

The Group consists of three business segments:

The Camco carbon assets business is a leading project developer with one of the world's largest carbon credit portfolios. We partner with companies to identify, develop and manage projects that reduce greenhouse gas emissions, and then arrange the sale and delivery of carbon credits to international compliance buyers and into the voluntary market.

The consulting practice consists of Bradshaw, ECCM, ESD and ESD Sinosphere. It combines specialist technical, strategic and financial expertise and experience accrued over two decades to deliver a sustainable low carbon society. We are positioned to work with our clients to turn climate change liabilities into economic, social and environmental assets. 

Camco Ventures works with project and technology developers, early stage businesses and investor Groups to commercialise climate change mitigation technologies, projects and services. Part of this business is the Camco asset management vehicle.

 

END

 

 

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