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Balfour Beatty JV wins £2.5bn HS2 contracts

StockMarketWire.com

Balfour Beatty, the international infrastructure group, has announced its notification of intent to be awarded two contracts by High Speed 2 (HS2), worth a combined total of c. £2.5bn. It said the two contracts had been awarded to Balfour Beatty's 50:50 joint venture with VINCI.

Balfour Beatty VINCI will deliver Lot N1, valued at c. £1.32 billion, and Lot N2, valued at c. £1.15 billion, between the Long Itchington Wood Green tunnel to the Delta Junction / Birmingham Spur and from the Delta Junction to the West Coast Main Line tie-in respectively, in a two-part design and build contract.

It said the contract awards reflected the innovative and collaborative nature of the joint venture. Balfour Beatty's in-depth knowledge and expertise of British transport would be applied and complemented with the capabilities of VINCI's High Speed Tours-Bordeaux project in France.

It said: "Collaborating in this way, the joint venture will deliver one of Britain's largest infrastructure projects in decades, creating thousands of jobs and supporting the economic growth of the country."

Group chief executive Leo Quinn said: "This is a generational engineering project. HS2 will provide vital infrastructure not only to rebalance the economy, but also to fuel growth in skills, jobs and prosperity across the UK for the future. Balfour Beatty's joint venture with VINCI has world-class capability in this area and our selection as preferred bidder for two sections is a major endorsement of our strength."



Story provided by StockMarketWire.com