Skanska builds the Interstate 95 Northbound Viaduct replacement in Providence, USA, for USD 106 M, about SEK 932 M

Rhea-AI Summary

Skanska, in partnership with Manafort Brothers, has secured a USD 212 million contract from the Rhode Island Department of Transportation to replace a section of northbound Interstate 95 in Providence. Skanska's portion amounts to USD 106 million (approximately SEK 932 million), which will be reflected in their Q3 2020 US order bookings. The project aims to enhance traffic operations and includes bridge demolition and reconstruction. Construction commenced in July 2020 and is slated for completion by December 2024.

Positive

• Secured a USD 212 million contract, boosting revenue potential.
• Skanska's share of USD 106 million will enhance Q3 2020 order bookings.

Negative

• Project completion is set for December 2024, indicating a lengthy duration before full revenue realization.

ÖSTERSUND, Sweden, Sept. 17, 2020 /PRNewswire/ -- Skanska has, as part of a joint venture with Manafort Brothers, Inc., signed a contract with the Rhode Island Department of Transportation (RIDOT) to replace an elevated section of northbound Interstate 95 (I-95) in Providence, USA. The total contract is worth USD 212 M. Skanska will include its USD 106 M portion of the contract, about SEK 932 M, in the US order bookings for the third quarter 2020.

The design-build project, located in the heart of downtown Providence, will optimize traffic operations by replacing the viaduct, and associated ramp and overpass structures. The contract includes staged bridge demolition and construction, bridge preservation, roadway reconstruction, etc. The Providence Viaduct spans the Woonasquatucket River, Amtrak Northeast Corridor, city roads, and interchange ramps.

Construction began in July 2020 and is scheduled for completion in December 2024.

Skanska is one of the leading construction- and development companies in USA, specializing in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska USA had sales of SEK 74 billion and about 7,900 employees in its operations in 2019.

For further information please contact:

Brittany Felteau
Communications Manager, Skanska USA
Tel +1-617-574-14-85

Olof Rundgren
Media Relations Manager, Skanska AB
Tel +46 (0)72-711-77-48

Direct line for media
Tel +46 (0)10-448-88-99

This and previous releases can also be found at www.skanska.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/skanska/r/skanska-builds-the-interstate-95-northbound-viaduct-replacement-in-providence--usa--for-usd-106-m--a,c3195254

The following files are available for download:

https://mb.cision.com/Main/95/3195254/1307063.pdf

Press release 20200917 US Interstate 95 Viaduct replacement

 

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SOURCE Skanska

FAQ

What is the value of Skanska's contract for the I-95 project?

Skanska's contract portion for the I-95 project is USD 106 million.

When is the completion date for the Interstate 95 viaduct replacement project?

The project is scheduled for completion in December 2024.

Which company is partnering with Skanska for the I-95 project?

Skanska is partnering with Manafort Brothers, Inc. for the I-95 project.

When did construction on the I-95 project begin?

Construction for the I-95 project began in July 2020.

What will Skanska include in their Q3 2020 order bookings?

Skanska will include their USD 106 million portion of the I-95 project in the Q3 2020 US order bookings.