Last checked at 12 Dec 2014 14:00
12 December 2014
BALFOUR BEATTY CONSORTIUM REACHES FINANCIAL CLOSE ON £550 MILLION ABERDEEN AND NORTH EAST SCOTLAND ROAD IMPROVEMENT PROJECT
Balfour Beatty, the international infrastructure group, announces today that its consortium has reached financial close on a major project to improve roads around Aberdeen and the North East of Scotland. Balfour Beatty will invest up to £20 million, which is one third of the sponsor's investment requirement.
In June 2014 the Connect Roads consortium, now known as Aberdeen Roads Limited, comprising Balfour Beatty, Carillion and Galliford Try, was selected as preferred bidder to design, build, finance and operate the £550 million Aberdeen Western Peripheral Route / Balmedie-Tipperty project. The clients are Transport Scotland, Aberdeen City Council and Aberdeenshire Council.
Construction will be undertaken by Balfour Beatty's UK construction business, Carillion and Galliford Try in an equal joint venture. Once the construction is complete, the trunk road assets will be managed by Aberdeen Roads Limited and maintained by Balfour Beatty on its behalf for 30 years.
Work commences immediately and is expected to be completed in winter 2017. The project includes designing and constructing 58 kilometres of new dual carriageway. The contract also includes constructing 40 kilometres of new side roads, 30 kilometres of access tracks and more than 100 new structures, including two significant focal point bridges over the rivers Dee and Don.
The project is being procured under the Scottish Government's Non-Profit Distributing (NPD) model.
Steve Marshall, Executive Chairman, said: "This project demonstrates the value of combining our investment, construction and maintenance capabilities to deliver value for our customers. We look forward to working with Transport Scotland, Aberdeen City Council and Aberdeenshire Council to deliver this long-awaited scheme."
ENDS
Analyst/investor enquiries:
Anoop Kang
Tel. +44 (0)20 7216 6913
Anoop.kang@balfourbeatty.com
Media enquiries:
Dominic Cheetham
Tel. +44 (0)20 7963 4235
dominic.cheetham@balfourbeatty.com
Notes to editors:
Balfour Beatty is a leading international infrastructure group.
With 36,000 employees, we provide innovative and efficient infrastructure that underpins our daily lives, supports communities and enables economic growth.
We finance, develop, build and maintain complex infrastructure such as transportation, power and utility systems, social and commercial buildings.
Our main geographies are the UK, US, Middle East and South East Asia. Over the last 100 years we have created iconic buildings and infrastructure all over the world including the London Olympics' Aquatic Centre, Hong Kong's first Zero Carbon building, the world's biggest shopping mall in Dubai, the National Museum of the Marine Corps in the US and the Channel Tunnel Rail Link.