AECOM joint venture to provide detailed design for Western Harbour Tunnel

Rhea-AI Summary

AECOM and Aurecon joint venture awarded contract for detailed design of Western Harbour Tunnel in Sydney, aiming to reduce congestion and environmental impact.

Positive

• The Western Harbour Tunnel project aims to reduce traffic congestion by 35% in the Western Distributor, 20% in the Sydney Harbour Tunnel, and 17% on the Harbour Bridge. The improved design and construction method is expected to deliver significant reductions in steel and concrete usage compared to the original reference design. The project will create a better-connected road network for Sydney commuters and help meet the demands of the growing population.

Negative

• None.

The joint venture’s detailed design is expected to reduce negative impacts on the marine environment while minimizing disruption to recreational and commercial harbour users¹.

DALLAS--(BUSINESS WIRE)-- AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced that its joint venture with Aurecon has been awarded a contract by Acciona Construction Australia for the detailed design of the Western Harbour Tunnel, which will create a bypass of the Sydney central business district.

“We are proud to help create a better-connected road network for Sydney commuters with a design aligned to our commitment to delivering Sustainable Legacies,” said Lara Poloni, AECOM’s president. “Through our Think and Act Globally strategy, we will bring our technical expertise and advanced tunneling experience from around the world to deliver the best solution for the environment, community and the treasured Sydney Harbour.”

Following the acceptance of an alternative client reference design, the AECOM joint venture will deliver a detailed design of the Western Harbour Tunnel that avoids dredging by utilizing tunnel boring machines instead of an immersed tube tunnel.

“The improved design and construction method is an excellent example of industry collaboration and is expected to deliver significant reductions to the amount of steel and concrete required, as well as other environmental benefits, compared to the original reference design,” said Richard Barrett, chief executive of AECOM’s Australia and New Zealand region. “Importantly, the new Western Harbour Tunnel will help the region better meet the demands of its growing population by reducing congestion while also reducing the impact on the harbour¹.”

The new 6.5-kilometer Western Harbour Tunnel is expected to cut traffic by 35 percent in the Western Distributor, 20 percent in the Sydney Harbour Tunnel, and 17 percent on the Harbour Bridge².

¹ As compared to the original reference design.

² According to https://www.transport.nsw.gov.au/news-and-events/major-milestone-for-sydneys-new-harbour-tunnel

About AECOM

AECOM (NYSE:ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.1 billion in fiscal year 2022. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005239/en/

Media:

Brendan Ranson-Walsh

Senior Vice President, Global Communications

1.213.996.2367

Investor:

Will Gabrielski

Senior Vice President, Finance, Treasurer

1.213.593.8208

Source: AECOM

FAQ

What is the Western Harbour Tunnel project?

The Western Harbour Tunnel project is a bypass of the Sydney central business district that aims to reduce traffic congestion.

What are the expected traffic reductions from the project?

The project is expected to reduce traffic by 35% in the Western Distributor, 20% in the Sydney Harbour Tunnel, and 17% on the Harbour Bridge.

How will the project reduce environmental impact?

The improved design and construction method of the Western Harbour Tunnel is expected to deliver reductions in steel and concrete usage compared to the original reference design.

What are the benefits of the project?

The project will create a better-connected road network for Sydney commuters and help meet the demands of the growing population.