Parsons Awarded Lead Design Contract on $1.66B Honolulu Rail Project
Parsons (NYSE: PSN) has been awarded the lead design contract for the $1.66 billion Honolulu Rail Project. As a subcontractor to Tutor Perini , Parsons will design six rail stations and approximately three miles of elevated rail guideway for the Honolulu Authority for Rapid Transportation's (HART) City Center Guideway and Stations Project.
The project scope includes the construction of rail infrastructure from east of the Middle Street Transit Center Station to the Civic Center Station, located just east of downtown Honolulu. Design work is set to commence in 2024, with construction expected to begin in the second half of 2025. The project is anticipated to reach substantial completion by 2030.
Parsons (NYSE: PSN) ha ricevuto il contratto principale per la progettazione del Progetto Ferroviario di Honolulu del valore di 1,66 miliardi di dollari. In qualità di subappaltatore di Tutor Perini, Parsons progetterà sei stazioni ferroviarie e circa tre miglia di una guida ferroviaria elevata per il Progetto della Guida e delle Stazioni del Centro Cittadino dell'Autorità di Trasporto Rapido di Honolulu (HART).
Il progetto comprende la costruzione dell'infrastruttura ferroviaria da est della Stazione del Centro di Trasporto di Middle Street fino alla Stazione del Civic Center, situata appena a est del centro di Honolulu. I lavori di progettazione inizieranno nel 2024, con l'inizio della costruzione previsto per la seconda metà del 2025. Si prevede che il progetto raggiunga un completamento sostanziale entro il 2030.
Parsons (NYSE: PSN) ha sido adjudicada con el contrato principal de diseño para el Proyecto Ferroviario de Honolulu, valorado en 1.66 mil millones de dólares. Como subcontratista de Tutor Perini, Parsons diseñará seis estaciones de tren y aproximadamente tres millas de vía elevada para el Proyecto de la Guía y Estaciones del Centro de la Ciudad de la Autoridad de Transporte Rápido de Honolulu (HART).
El alcance del proyecto incluye la construcción de la infraestructura ferroviaria desde el este de la Estación del Centro de Tránsito de Middle Street hasta la Estación del Civic Center, ubicada justo al este del centro de Honolulu. El trabajo de diseño comenzará en 2024, y se espera que la construcción inicie en la segunda mitad de 2025. Se anticipa que el proyecto alcance una finalización sustancial para 2030.
파슨스(NYSE: PSN)는 16억 6천만 달러 규모의 호놀룰루 철도 프로젝트를 위한 주요 설계 계약을 체결했습니다. 튜터 페리니의 하청업체로서 파슨스는 호놀룰루 신속 교통 당국(HART)의 시티 센터 가이드웨이 및 역 프로젝트를 위해 6개의 철도역과 약 3마일의 고가 철도 전철을 설계할 것입니다.
프로젝트 범위에는 미들 스트리트 환승센터 역 동쪽에서 시빅 센터 역까지의 철도 인프라 건설이 포함됩니다. 시빅 센터 역은 호놀룰루 시내에서 동쪽에 위치해 있습니다. 설계 작업은 2024년에 시작될 예정이며, 2025년 하반기에는 건설이 시작될 것으로 예상됩니다. 이 프로젝트는 2030년까지 상당한 완료에 이를 것으로 예상됩니다.
Parsons (NYSE : PSN) a été attribué le contrat principal de conception pour le Projet Ferroviaire d'Honolulu d'une valeur de 1,66 milliard de dollars. En tant que sous-traitant de Tutor Perini, Parsons concevra six stations de rail et environ trois miles de voie ferrée surélevée pour le Projet de voie et de stations du Centre-Ville de l'Autorité de Transport Rapide d'Honolulu (HART).
Le périmètre du projet comprend la construction de l'infrastructure ferroviaire à partir de l'est de la station du Middle Street Transit Center jusqu'à la station du Civic Center, située juste à l'est du centre-ville d'Honolulu. Les travaux de conception devraient commencer en 2024, avec un début de construction prévu pour la seconde moitié de 2025. Le projet devrait atteindre une achèvement substantiel d'ici 2030.
Parsons (NYSE: PSN) wurde der Hauptdesignvertrag für das 1,66 Milliarden Dollar teure Honolulu-Bahnprojekt erteilt. Als Unterauftragnehmer von Tutor Perini wird Parsons sechs Bahnhöfe und etwa drei Meilen eines erhöhten Schienenwegs für das City Center Guideway und Stationsprojekt der Honolulu Authority for Rapid Transportation (HART) entwerfen.
Der Projektumfang umfasst den Bau von Schieneninfrastruktur von östlich der Middle Street Transit Center Station bis zur Civic Center Station, die sich direkt östlich der Innenstadt von Honolulu befindet. Die Entwurfsarbeiten sollen 2024 beginnen, während der Baubeginn in der zweiten Hälfte des Jahres 2025 erwartet wird. Das Projekt wird voraussichtlich bis 2030 weitgehend abgeschlossen sein.
- Awarded lead design contract for a $1.66B rail project
- Subcontractor to Tutor Perini on a major infrastructure project
- Project includes design of six rail stations and three miles of elevated guideway
- Long-term project with design starting in 2024 and completion expected in 2030
- None.
Insights
This $1.66 billion contract win for Parsons (NYSE: PSN) as lead designer is a significant positive development. As a subcontractor to Tutor Perini, Parsons will likely see a substantial boost to its revenue and backlog. The project's long-term nature, spanning from 2024 to 2030, provides stable income visibility for the company. This aligns well with Parsons' strategy to grow its critical infrastructure business. However, it's important to note that as a subcontractor, Parsons' share of the total contract value isn't specified, which introduces some uncertainty about the exact financial impact. Investors should monitor future earnings calls for more details on the expected revenue contribution and profit margins from this project.
The Honolulu rail project represents a significant infrastructure development, addressing urban mobility challenges in a space-constrained environment. The 3-mile elevated guideway and six stations will likely incorporate advanced engineering solutions to navigate Honolulu's urban landscape. Parsons' role as lead designer is crucial, requiring innovative approaches to integrate the rail system seamlessly into the existing cityscape. The project's complexity, including potential seismic considerations and environmental impact mitigation, will test and showcase Parsons' technical capabilities. Success here could position Parsons favorably for future urban rail projects globally, potentially opening doors to more high-value contracts in densely populated cities facing similar transit challenges.
This contract win strengthens Parsons' position in the growing urban transit infrastructure market. With increasing urbanization and the push for sustainable transportation, demand for such projects is likely to rise globally. The Honolulu project adds to Parsons' portfolio, enhancing its competitive edge in bidding for similar contracts worldwide. However, investors should be aware of potential risks, including project delays and cost overruns, which are common in large infrastructure projects. The 2030 completion timeline is ambitious and will require careful management. Additionally, the success of this high-profile project could significantly impact Parsons' reputation and future contract wins in the rail and transit sector, making it a key project to watch for long-term growth prospects.
Company will serve as subcontractor to Tutor Perini
CHANTILLY, Va., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN), a global leader in rail and transit, environment solutions, aviation, and engineering, will serve as the lead designer on the Honolulu Authority for Rapid Transportation’s (HART) City Center Guideway and Stations Project in Honolulu, Hawaii. The company is a subcontractor to Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, on the
"We are proud to lead the industry in rail and transit design with an innovative approach and commitment to excellence that ensures we deliver cutting-edge solutions that meet the evolving needs of our clients and communities,” said Mark Fialkowski, President of Infrastructure North America for Parsons. "Our team of experts is dedicated to creating sustainable and efficient transportation systems that enhance connectivity and improve quality of life."
The entire project scope of work includes the design and construction of six rail stations and approximately three miles of elevated rail guideway beginning just east of the existing Middle Street Transit Center Station and ending at the Civic Center Station, which will be located just east of downtown Honolulu. Project design will begin in 2024, while construction is estimated to start in the second half of 2025 with substantial completion expected in 2030.
For more information about Parsons’ rail and transit capabilities, please visit https://www.parsons.com/rail-transit/.
About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.
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Media Contact:
Bryce McDevitt
+1 703.851.4425
bryce.mcdevitt@parsons.com
Investor Relations Contact:
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Dave.Spille@parsons.com
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