Last checked at 2 Feb 2015 07:00
2 February, 2015
BALFOUR BEATTY JV SIGNS £800 MILLION THAMES WATER CONTRACT
Balfour Beatty, the international infrastructure group, announces that the Balfour Beatty joint venture with Skanska and MWH Treatment (known as SMB), has signed a five year contract with Thames Water, with an option to extend for a further 5 years.
The initial £800 million contract covers the AMP 6 regulatory period, running from April 2015 to March 2020. As a one third partner in the SMB joint venture, the value to Balfour Beatty is approximately £265m over the initial five years. This follows on from a two year Early Contractor Involvement phase that started in March 2013. The SMB joint venture is providing water asset solutions as part of Thames Water's 'super-alliance', known as eight2O.
AMP6 involves creating and maintaining the necessary water infrastructure across the Thames Water's network, including pipes, pumping stations and water treatment works, in order to meet commitments to Thames Water's customers and the water regulator, Ofwat.
Leo Quinn, Balfour Beatty Group Chief Executive, said: "Through our joint venture and by collaborating in the Alliance, we bring our deep expertise to bear on this major investment in water infrastructure. This contract will help to ensure the resilience of the vital water infrastructure in Greater London and the Thames Valley for future generations. Balfour Beatty is committed to support Thames Water in delivering on its commitments to its customers and the regulator."
ENDS
Analyst/investor enquiries:
Anoop Kang: +44 (0)20 7216 6913
anoop.kang@balfourbeatty.com
Media enquiries:
Dominic Cheetham: +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.