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Bowman Consulting Group Ltd. Awarded $15.9 Million Professional Engineering Services Contract for I-294 Widening and Reconstruction Project in the Chicagoland Region
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Bowman Consulting Group Ltd. (NASDAQ: BWMN) has secured a $15.9 million contract from the Illinois State Toll Highway Authority for construction management services on the Tri-State Tollway. This project involves the widening and reconstruction of a 1.7-mile section and is part of the broader $4 billion Central Tri-State Tollway project. Bowman's segment of the work is set to begin in Fall 2022, whereas the entire project aims for completion by 2026.
Positive
Secured $15.9 million contract for construction management services.
Part of a larger $4 billion infrastructure project.
Expected to ease traffic congestion benefiting the regional community.
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None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), announced that the Illinois State Toll Highway Authority awarded the company a $15.9 million professional engineering services contract to provide construction management services for the roadway widening and reconstruction on the Tri-State Tollway (I-294) between Ogden Avenue and Cermak Road. The contract includes all construction management, oversight and documentation required to complete the work. Bowman, along with its 10 subconsultants, will provide construction engineering services to oversee the widening and reconstruction of a 1.7-mile section, with a projected construction cost of more than $100 million. Bowman’s portion of this construction project is anticipated to begin in Fall, 2022.
“Bowman is honored to continue providing our professional engineering services to the Illinois Tollway,” said Michael Hannemann, Bowman senior vice president. “Our team looks forward to continuing our work on this important infrastructure project that will ease traffic congestion on this corridor.”
This work is part of the Tollway’s $4 billion Central Tri-State Tollway (I-294) project to reconstruct and widen from Balmoral Avenue to 95th Street. This 22-mile corridor serves more than 300,000 vehicles daily. The project began in 2018 and is scheduled to be completed in 2026. The project goals are to provide congestion relief and reconstruct old infrastructure to meet current and future transportation demand and address regional needs.
Bowman is also currently completing construction engineering efforts for the $500 millionMile-Long Bridge reconstruction project. This is also a part of the Central Tri-State Tollway (I-294) project, which entails the construction of two new 27- span bridges to replace the original 1957 structure.
About Bowman Consulting Group Ltd. Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,400 employees and more than 60 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit www.bowman.com or investors.bowman.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs, These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
