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UK's Aggreko to work out contract terms with organisers after Olympics postponed

Reuters
·1-min read

(Reuters) - Temporary power generation firm Aggreko PLC <AGGK.L> said it would enter into talks with organisers of the Tokyo Olympics and Paralympic Games to work out contract terms after the event was postponed beyond 2020 due to COVID-19.

The Glasgow-based company, a supplier of temporary power generation and temperature control equipment, said it would discuss with the Olympic organisers about the commercial terms and operational impact of the postponement.

The company said it has received $98 million in milestone payments under the $200 million (170 million pounds) contract.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vinay Dwivedi)