Balfour Beatty PLC BALFOUR BEATTY JV TO BE AWARDED TWO HS2 CONTRACTS (2136L)
17 July 2017 - 4:03PM
UK Regulatory
TIDMBBY
RNS Number : 2136L
Balfour Beatty PLC
17 July 2017
News Release
17 July 2017
BALFOUR BEATTY JOINT VENTURE TO BE AWARDED HS2 CONTRACTS VALUED
AT c. GBP2.5 BILLION
Balfour Beatty, the international infrastructure group, today
announces its notification of intent to be awarded two contracts by
High Speed 2 (HS2), worth a combined total of c. GBP2.5
billion.
The two contracts have been awarded to Balfour Beatty's 50:50
joint venture with VINCI. Balfour Beatty VINCI will deliver Lot N1,
valued at c. GBP1.32 billion, and Lot N2, valued at c. GBP1.15
billion, between the Long Itchington Wood Green tunnel to the Delta
Junction / Birmingham Spur and from the Delta Junction to the West
Coast Main Line tie-in respectively, in a two-part design and build
contract.
The contract awards reflect the innovative and collaborative
nature of the joint venture. Balfour Beatty's in-depth knowledge
and expertise of British transport will be applied and complemented
with the capabilities of VINCI's High Speed Tours-Bordeaux project
in France. Collaborating in this way, the joint venture will
deliver one of Britain's largest infrastructure projects in
decades, creating thousands of jobs and supporting the economic
growth of the country.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "This is
a generational engineering project. HS2 will provide vital
infrastructure not only to rebalance the economy, but also to fuel
growth in skills, jobs and prosperity across the UK for the future.
Balfour Beatty's joint venture with VINCI has world-class
capability in this area and our selection as preferred bidder for
two sections is a major endorsement of our strength."
Main construction work is scheduled to start in 2018/19,
following a period of detailed design work.
ENDS
Analyst/investor enquiries:
Angus Barry
Tel. +44 (0)20 7216 6824
angus.barry@balfourbeatty.com
Media enquiries:
Antonia Walton
Tel. +44 (0)207 963 2267
antonia.walton@balfourbeatty.com
Notes to editors:
-- Balfour Beatty (www.balfourbeatty.com) is a leading
international infrastructure group. With 30,000 employees, we
provide innovative and efficient infrastructure that underpins our
daily lives, supports communities and enables economic growth. We
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 Far East. 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 VINCI represents a powerhouse for critical
infrastructure across Rail, transport and other iconic projects in
the UK and beyond. Balfour Beatty VINCI's involvement in
groundbreaking Design Build Finance and Operation (DBFO) projects
offers a unique end-to-end asset knowledge that is crucial in
developing the best solutions to the infrastructure needs of the
UK. Balfour Beatty and VINCI started working together over 30 years
ago when both were members of the TransManche Link consortium which
delivered the Channel Tunnel. Balfour Beatty VINCI has successfully
bid and delivered a number of key projects including Crossrail and
the M4, M5, M6 smart motorway programme. As leading infrastructure
groups, both Balfour Beatty and VINCI Construction offer
opportunities for trainees, apprentices, placement students and
graduates as well as sponsored degree opportunities
This information is provided by RNS
The company news service from the London Stock Exchange
END
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