12th Feb 2014 10:56
LONDON (Alliance News) - Costain Group PLC and Babcock International Group PLC Wednesday confirmed their joint venture, ABC Electrification Ltd, has been appointed by Network Rail as one of four suppliers to the GBP2 billion National Electrification programme, delivering electrification to more than two thousand miles of the UK's rail system.
ABC Electrification Ltd is an equal-share JV with Costain, Babcock and France's Alstom SA.
The contract is valued at an initial GBP900 million to the joint venture under a seven-year term, extendable by a further three years.
The seven-year framework will see more than two thousand miles of railways lines across England, Wales and Scotland electrified in order to provide faster, quieter and more reliable journeys for passengers and freight users, while also reducing the associated running costs of the railway.
The successful bidders for the six nationwide frameworks were Balfour Beatty PLC, CarillionPowerlines, AmeyInabensa, and ABC Electrification.
http://allapp.alliancenews.com/article?u=ecf1163762244426a82d1ba117ebb16b&a=1391508397126983000
Costain shares were trading at 306.86 pence Wednesday, up 1.86 pence or 0.6%. Babcock shares were trading at 1,424.00 pence, up 29.00 pence or 2.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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