20th Mar 2006 07:01
Balfour Beatty PLC20 March 2006 20 March 2006 GAMMON CONSTRUCTION AWARDED HONG KONG $2 BILLION CONTRACT TO BUILD 70-STOREY OFFICE BUILDING IN HONG KONG =============================================== Balfour Beatty, the international engineering, construction and services group,announces today that Gammon Construction, Hong Kong's leading engineering andconstruction group in which Balfour Beatty has a 50% interest, has been awardedthe Hong Kong $2billion (£150 million) contract to build One Island East bySwire Properties. The contract is for a 70-storey, 1.5 million square feet, Grade A officebuilding on the Eastern shore of Hong Kong island. One Island East will be thelatest element in Swire Properties' comprehensive commercial development in thearea which has already attracted over 300 multinational companies. Commenting today on the contract award, Balfour Beatty Chief Executive,Ian Tyler, said: "We are delighted to have been selected to build this major addition to one ofHong Kong's best planned and established business districts. Gammon has asuccessful and long-standing relationship with the Swire Group and the twocompanies have jointly developed a number of innovative techniques to accelerateconstruction and protect the environment before, during and after construction." The project is scheduled for completion in March 2008 and will enjoy apioneering project management system to facilitate collaboration across allconstruction disciplines. Swire Properties is one of Hong Kong's leadingdevelopers with extensive experience in the development and management of majorcommercial retail and residential properties. ENDS Enquiries to: Tim SharpTel: 020 7216 6884www.balfourbeatty.com Notes to Editors---------------- 1. Gammon Construction is Hong Kong's leading engineering and construction group with annual sales of approximately £500 million, over 2,000 full time staff including some 450 professional employees and one of the strongest technical teams in Asia as a whole. 2. Gammon's current projects include: - The Venetian Hotel and Casino Complex in Macao, comprising construction and electrical and mechanical work to a total value of approximately £230 million - The Kowloon South Rail Link comprising West Kowloon Station and the connecting tunnel valued at £140 million - The Hong Kong section of Hong Kong - Shenzhen Western Corridor comprising construction of a 3.5 km long dual three-lane carriageway valued at HK$2.2 billion (£162 million). 3. Balfour Beatty acquired 50% of Gammon in August 2004. Subsequently it merged its existing Hong Kong engineering and construction interest into the Gammon organisation. 4. Balfour Beatty is a world-class engineering, construction and services group, well positioned in infrastructure markets which offer significant growth potential. Its partnerships with public and private customers generate secure, sustainable income. Its financial position, with significant net cash and with strong operating cash flows, offers continuing flexibility to add additional capacity and expertise to the business mix and to make appropriate investments in PPP and other long-term growth opportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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