Balfour Beatty JV secures $1.7bn US road contract
31 May 2019
BALFOUR BEATTY JOINT VENTURE CONDITIONALLY AWARDED $1.7 BILLION (C. £1.3 BILLION) INTERSTATE HIGHWAY CONTRACT BY TEXAS DEPARTMENT OF TRANSPORTATION
Balfour Beatty, the international infrastructure group, today announces it has been conditionally selected, in joint venture, to deliver the $1.7 billion (c. £1.3 billion) Interstate 635 LBJ East project, on behalf of the Texas Department of Transportation.
Balfour Beatty has a 45% share in the joint venture with Fluor Corporation holding 55%.
Works include the reconstruction and widening of 11-miles of the interstate highway around the North and East of Dallas in Texas, including the I-30 interchange, as well as the construction of service roads and numerous intersection improvements along the route.
When complete, the interstate highway will consist of 12 lanes in total, widening the general-purpose lanes from eight to ten as well as two reconstructed existing, tolled managed lanes. The completed scheme will improve safety and reduce congestion for over 200,000 drivers who use the interstate daily.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "Following the successful delivery of the Dallas Horseshoe project, and the continued delivery of the Southern Gateway project, this latest contract award from the Texas Department of Transportation demonstrates our market leading capabilities.
"With over half of Balfour Beatty's construction revenue generated from our US operations, we continue to strengthen our business, benefiting from strong competitive positions in our chosen large and growing infrastructure markets."
Full contract award is expected in autumn 2019 with works expected to commence in early 2020, and substantial completion scheduled for late 2024. At construction peak, the joint venture will employ a workforce of around 500.
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Notes to editors:
· Balfour Beatty (www.balfourbeatty.com) is a leading international infrastructure group. With 26,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth. 4We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
· Our main geographies are the UK, US and Hong Kong. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.
· Balfour Beatty's US business is an industry-leading provider of general contracting, at-risk construction management and design-build services for public and private sector clients across the nation. To learn more, visit www.balfourbeattyus.com
· Balfour Beatty's current portfolio of infrastructure projects in the US includes a US$625 million (c. £484 million) joint venture contract to reconstruct and improve the 'Southern Gateway', an 11 mile stretch of road in Dallas, Texas which will enhance traffic flow for 180,000 motorists every day for the Texas Department of Transportation and a US$697 million contract to undertake electrification of the 52-mile Caltrain rail corridor between San Francisco and San Jose, laying the foundations for the future operation of high speed trains.
· Balfour Beatty's current portfolio of construction projects in the US includes a US$260 million Harrison Medical Centre project in Seattle; the US$230 million Matthews River Landing project in Miami; a US$150 million contract for an Atlanta airport hotel; a US$100 million contract to serve as construction manager for Cleburne Independent School District's (CISD).
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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