25th Nov 2013 09:19
LONDON (Alliance News) - Engineering and construction giant Costain PLC Monday said that it has been awarded a GBP30 million contract by Crossrail to construct Paddington New Yard.
The Crossrail construction project involves the development of a new east-west railway across London and is expected to shorten journey times and reduce overcrowding.
Costain said that the project includes the construction of a bus parking deck, to allow space for Crossrail trains to diverge from the Great Western line, as well as preparatory work for the installation of new rail track and systems for new sidings.
It said that the work will commence immediately and is expected to be completed in December 2015.
Paddington New Yard is located between the Westbourne Park Tube station and Paddington National Rail station.
Prior to Crossrail, Paddington New Yard was used for the maintenance and overnight stabling of buses.
At the beginning of November, Costain said that its forward order book has increased further since the half year to a record level of GBP3.0 billion, as it remains on course to deliver full-year results in line with expectations.
Shares in the company were up 1.2% Monday morning, trading at 302.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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