1st Jun 2005 07:00
AMEC PLC 01 June 2005 1 June 2005 AMEC plc DLR Woolwich Arsenal Financial Closure AMEC plc, the international project management and services company, announcesthat Woolwich Arsenal Rail Enterprises (WARE), its 50/50 joint venture with theRoyal Bank of Scotland (RBS), has finalised with Docklands Light Railway (DLR),part of Transport for London, the PPP contract to extend the Docklands LightRailway from King George V station near London City Airport to Woolwich Arsenal. The Woolwich Arsenal contract involves a 2.5 kilometre extension under theThames from King George V station to Woolwich Arsenal where a new DLR stationwill be integrated with the existing rail station. The contract further extends the City Airport DLR extension currently beingbuilt by, another AMEC/RBS joint venture, also under a PPP contract, which isdue to open to the public by the end of 2005. WARE has raised total funding of £240 million to finance the project comprisinga bank loan from the Royal Bank of Scotland and a loan from the EuropeanInvestment Bank with the balance being made up of equity from AMEC and RBS. Inaddition to its equity investment in WARE of some £12 million AMEC has beenawarded contracts from WARE to undertake the design, engineering andconstruction of the extension and its long-term maintenance over the 30-yearconcession period. "We are delighted that contracts have been finalised on this prestigiousproject," said Sir Peter Mason, AMEC Chief Executive. "This is a notableaddition to our PPP investment portfolio which will see us deploy resources fromacross AMEC to design, deliver and maintain a piece of complex infrastructurethat will provide an essential service for Londoners for years to come." Financial close of this project means AMEC's UK PPP portfolio now comprises 10projects, of which five are now operational. AMEC currently has around £30million invested in PPP projects, is committed to invest a further £25 millionin projects currently under construction - including the equity now committedfor the WARE project - and is currently preferred bidder on a further two UK PPPprojects and the Incheon Bridge project in Korea. Contacts: AMEC plc +44 (0)20 7634 0000Neil Jamieson, Director of Investor RelationsJuliet Sychrava, Director of Corporate CommunicationsCharles Reynolds, Head of Media Relations 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 44,000 people in more than40 countries, generating annual turnover 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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