6th Sep 2007 07:01
Balfour Beatty PLC06 September 2007 6 September 2007 BALFOUR BEATTY SECURES £200 MILLION OF MAJOR NEW PROJECT WORK IN ASIA ===================================================================== Contract awards in Hong Kong, Singapore, Macau and China -------------------------------------------------------- Balfour Beatty, the international engineering, construction, services andinvestment group, announces today that Gammon Construction, Hong Kong's leadingconstruction group, in which Balfour Beatty has a 50% interest, and BalfourBeatty Rail have secured approximately £200 million of major new project work inHong Kong, Singapore, Macau and China. In Singapore, Gammon has been awarded the contract to design, construct andcommission the new Chinatown Interchange Station. The project, which is valuedat approximately £55 million, involves new station construction, crossing overthe existing Chinatown Station on the North East Line, overrun tunnels, andconnecting tunnels to the adjoining Cross Street Station. The project, which ispart of Stage 1 of the new Downtown Line development, is due for completion in2013. In Macau, in a project of similar value, Gammon has been awarded the contract toconstruct a retail podium and a 42-storey, 2,000-room hotel tower for VenetianOrient, as part of Macau's rapid development as a regional leisure andrecreational centre. The project is due for completion in the summer of nextyear. This follows on from Gammon's successful delivery of the £230 million TheVenetian(R) Macao-Resort-Hotel, which opened on 28th August 2007. In Hong Kong, work commenced recently on a £33 million project to design andconstruct four service reservoirs, a link bridge and a range of civilengineering work for The University of Hong Kong in a project due to becompleted by September 2009. In China, Balfour Beatty Rail has been, awarded a £35 million contract inrespect of the design, supply, supervision of installation and commissioning ofthe catenary system for the new high-speed dedicated passenger railway linebetween Wuhan and Guangzhou by the Chinese Ministry of Railways. The new968-kilometre double-track line will operate with a line speed of 300 kilometresper hour. The project will be completed by the end of 2009. This project followsBalfour Beatty Rail's successful completion of the electrification of the 950kilometre Harbin-Dalian railway line. Balfour Beatty has been responsible formore than 5,000 kilometres of rail electrification work since 1999. The companyis currently also working in China on the electrification project for Tianjin toShenyang. Commenting on these awards today, Balfour Beatty Chief Executive, Ian Tyler,said: "Balfour Beatty has a substantial presence in South-East Asia, which is one ofits targeted territories for long-term growth. Through Gammon, we are HongKong's leading construction company. Their successful expansion in thefast-growing markets of Macau and Singapore is progressing very satisfactorily.We also anticipate further opportunities in the Chinese rail market, based onour experience, our status as a wholly-owned Foreign Enterprise and ourexcellent relationships with the Chinese Ministry of Railways." ENDS Enquiries to:-------------Tim SharpTel: 020 7216 6884www.balfourbeatty.com Image----- An artist's impression of the completed The Venetian(R) Macao-Resort-Hotel isavailable upon request. Notes to Editors---------------- 1. Gammon Construction is Hong Kong's leading construction company. BalfourBeatty is a regional 50% shareholder in Gammon, with Hong Kong-basedconglomeration, Jardine Matheson. It employs over 2,000 people and has projected2007 revenues of approximately £500 million. Gammon's recent and current projects include: - The Venetian(R) Macao-Resort-Hotel comprises construction and electrical andmechanical work to a total value of approximately £230 million - The Kowloon South Rail Link comprising West Kowloon Station and the connectingtunnel valued at £140 million - The Hong Kong section of Hong Kong-Shenzhen Western Corridor, comprisingconstruction of a 3.5 km long dual three-lane carriageway valued at HK$2.2billion (£162 million) - The £150 million contract to build the 70-storey One Island East for SwireProperties. 2. Balfour Beatty Rail operates in China as a Wholly Owned Foreign Enterprise(WOFE). It has carried out a number of projects in China, most notably theHarbin-Dalian electrification and power supply project completed in 2002. 3. Balfour Beatty is a world-class engineering, construction, services andinvestment business, well positioned in infrastructure markets which offersignificant long-term growth. We work in partnership with sophisticatedcustomers who value the highest levels of quality, safety and technicalexpertise. Our skills are applied in appropriate combinations to meet individualcustomer need. Its financial position, with significant net cash and with strongoperating cash flows, offers continuing flexibility to add additional capacityand expertise to the business mix and to make appropriate investments in PPP andother long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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