| 29/03/2004 - AMEC wins major contracts in Iraq |
AMEC, the international project management and services company, has won two further major contracts in Iraq worth up to US$1.1 billion, the company announced today. The awards, won in conjunction with Fluor, its joint-venture partner in Iraq, are worth up to US$540 million to AMEC and bring AMEC’s total share of work in Iraq up to US$780 million.
“This award confirms AMEC’s role as the leading UK company involved in the reconstruction of Iraq,” said Sir Peter Mason, AMEC’s chief executive. “Our wide experience of managing sensitive and critical projects on this scale worldwide will have been an important factor in this award.”
The two contracts, to restore public works and water infrastructure, form part of the major round of contracts currently being awarded by the Coalition Provisional Authority, the US-led body in charge of Iraq reconstruction. They follow the award in March 2004 to Fluor-AMEC of a contract to restore power generation facilities worth up to US$500 million (AMEC share up to US$240 million).
Work on the contracts, which will involve the restoration of water and waste infrastructure in the northern and southern regions of Iraq, is expected to start shortly. The contracts have been awarded on a cost-reimbursable basis.
Fluor - AMEC also has a bid outstanding for justice and security infrastructure work across Iraq worth up to US$900 million and expects to hear about the outcome in early April 2004.
AMEC is aware of the uncertain environment in Iraq and takes a cautious view. “We believe that any projections must be regarded as provisional at this stage. When the outcome of our remaining bid in the current round is known, we will provide a further update to the market.” said Sir Peter.
The company, which already has a team with Fluor on the ground in Iraq, stressed that the safety of its people, including any local contractors, was of paramount importance and that it would be retaining its own security services in addition to the security teams provided by the coalition forces.
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