CORRECTION - Hill International to Manage the Development of State-of-the-Art Research Campus for Indian Oil Corporation Limited

Rhea-AI Summary

Hill International (NYSE:HIL) has been awarded a $275 million project management consultancy contract by Indian Oil Corporation Limited (IOCL) for a 60-acre research campus in India. The Indian Oil Technology Development and Deployment Center will focus on renewable energy, nanotechnology, and more. The project aims for a LEED v4 Platinum rating, ensuring high standards in sustainability and health. The consultancy contract spans 41 months, marking a significant opportunity for Hill to demonstrate its capabilities in managing complex projects globally.

Positive

• Awarded a $275 million project management consultancy contract by IOCL.
• Project aims for a LEED v4 Platinum rating, enhancing sustainability credentials.
• Involvement in the construction of a cutting-edge research campus.
• Opportunity to demonstrate expertise in managing large-scale projects.

Negative

• None.

PHILADELPHIA and FARIDABAD, India, July 21, 2020 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today it has been selected by Indian Oil Corporation Limited (IOCL) to provide project management consultancy services for the development of the corporation’s new $275 million, approximately 60 acre research campus, the Indian Oil Technology Development and Deployment Center.

The IOCL’s current research and development facility, which opened in 1972, lacks space for further expansion. Given expansive trends in the company’s research interests, more room is necessary to engage with the myriad of scientific disciplines critical to the company’s future business plans. The IOCL envisions a campus that, in addition to ambitiously serving research and development, surpasses global standards of occupational health and safety as well as environmental sustainability. The company wants the world’s largest and most sustainable net-zero campus.

The new campus will contain a center for alternative and renewable energy; a nanotechnology center; industrial laboratories for the study of carbon nanotubes/batteries, biotechnology, pipelines, petrochemicals, catalysts, and applied metallurgy; refinery infrastructure; as well as commercialization and demonstration units. In addition, the campus will feature recreational, administrative, dining, and utility facilities. The total build-up area will be approximately 194,554 SM.

Hill’s project management consultancy services will be implemented via an engineering procurement, construction, and commissioning contract executed over 41 months. Hill International’s Middle East Regional President Abdo Kardous says of the project: “We’re excited to begin work on this large-scale project. In particular, it will be a rewarding challenge to meet the sustainability goals of the IOCL’s new campus.”

Specifically, the project aims to achieve a LEED v4 Platinum rating. Hill’s project management team will review and confirm all the elements contributing towards the target LEED score. These elements include building orientation and zoning, incident solar radiation, solar shading during solstices and equinoxes, open-space shading, daylight simulation, and site computational fluid dynamics, especially during Monsoon season. Hill’s professionals will also help to ensure proper execution of these environmentally friendly aspects of the project through construction.

“It is a great honor to have been entrusted with the Indian Oil Technology Development and Deployment Center,” says Hill Chief Executive Officer Raouf Ghali. “Indian Oil Corporation’s selection reflects a global trust in our abilities to successfully deliver complex and technically innovative projects. Hill also takes great pride in helping to support ambitiously green projects. And we hope to paradigmatically demonstrate with the completion of this project our regional excellence in India.”

About Hill International

Hill International, with approximately 2,700 professionals in more than 50 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.

Forward Looking Statements

Certain statements contained herein may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions 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 to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.

Hill International, Inc.
Elizabeth J. Zipf, LEED AP BD+C
Senior Vice President
(215) 309-7707
elizabethzipf@hillintl.com

The Equity Group, Inc.
Devin Sullivan
Senior Vice President
(212) 836-9608
dsullivan@equityny.com

FAQ

What is the significance of the $275 million contract awarded to Hill International by IOCL?

The contract is significant as it positions Hill International as a key player in managing a major research campus project, highlighting its project management capabilities.

What sustainability goals is the Indian Oil Technology Development and Deployment Center aiming to achieve?

The center aims to achieve a LEED v4 Platinum rating, focusing on high standards of environmental sustainability and health.

How long will the project management consultancy contract with IOCL last?

The project management consultancy contract will be executed over a period of 41 months.

What types of facilities will the new research campus include?

The campus will include centers for alternative energy, nanotechnology, industrial laboratories, and recreational facilities.

Why does IOCL need a new research campus?

IOCL's current facility lacks space for expansion, necessitating a new campus to accommodate its growing research interests.