2nd Feb 2005 11:52
AMEC PLC02 February 2005 AMEC JV preferred bidder for UK's largest schools PFI 2 February 2005:AMEC plc, the international project management and servicescompany, announces that an AMEC-led joint venture has been appointed preferredbidder on the UK's largest schools PFI project to deliver 17 new and tworefurbished secondary schools for South Lanarkshire Council. "This win reflects our longstanding and successful strategy of selectiveinvestment in PFI, focusing on complex projects where we can bring together ourinvestment, design, delivery and maintenance skills to secure multiple incomestreams," said Sir Peter Mason, Chief Executive of AMEC. "Our portfolio of PFI,urban regeneration and wind energy projects is an important investment for AMECthat we expect to see making an increasing contribution." In addition to its equity investment of around £7 million, AMEC will benefitfrom contracts to design, construct and refurbish the schools, redevelop surplusland around 12 of the sites and provide estate management services over the30-year concession period, together worth in excess of £290 million. Financialclose is expected in mid-2005 with construction beginning immediatelythereafter, involving a phased delivery with final completion mid-2009. The workwas won through the inspirED joint venture in which AMEC, investment groupInnisfree and Equion have an equal share. AMEC had around £40 million invested in PFI projects at 31 December 2004 and hascurrent commitments to invest a further £60 million including South LanarkshireSchools, Colchester Hospital and the Docklands Light Railway Woolwich Arsenalextension, which are currently at the preferred bidder stage. South LanarkshireSchools brings AMEC's UK PPP portfolio to 12 projects of which five areoperational with the remainder in the delivery stage. For further information: AMEC plc Tel: +44 (0)20 7634 0000Neil Jamieson, Director of Investor RelationsJuliet Sychrava, Director of Corporate CommunicationsCharles Reynolds, Head of Media Relations Notes to Editors: AMEC plc is an international project management and services company thatdesigns, delivers and supports infrastructure assets for customers worldwideacross the public and private sectors. AMEC employs 45,000 people in more than40 countries, generating annual revenues of around £5 billion. AMEC's shares aretraded on the London Stock Exchange where the company is listed in the SupportServices sector (LSE: AMEC.L). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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