Skanska signs additional contract to expand airport in Portland, Oregon, USA, for USD 84M, about SEK 710M

Rhea-AI Summary

Skanska, in partnership with Hoffman Construction Company, has secured an USD 84M contract amendment for the Portland International Airport expansion project. This amendment will be included in Q2 2021 U.S. order bookings. The project focuses on the Terminal Core Expansion, involving structural, mechanical, and electrical work, with substantial completion expected by 2025. Skanska reported SEK 66 billion in sales in 2020 and has approximately 7,600 employees.

Positive

• Skanska’s contract amendment worth USD 84M strengthens its project pipeline.
• The Portland International Airport expansion could enhance Skanska's market position and financial outlook.

Negative

• The substantial completion is not until 2025, indicating a long-term commitment with potential project risks.
• Dependence on successful execution of the project could pose financial risks if delays or cost overruns occur.

ÖSTERSUND, Sweden, June 15, 2021 /PRNewswire/ --  Skanska has, in a joint venture with Hoffman Construction Company, signed a contract amendment with the Port of Portland for improvements to the Portland International Airport in Portland, Oregon, USA. Skanska's share of the contract amendment is worth USD 84M, about SEK 710M, which will be included in the U.S. order bookings for the second quarter 2021.

The amendment includes work on the Terminal Core Expansion project, comprising structural, mechanical and electrical work and enclosure. 

Construction is underway. Substantial completion is scheduled for 2025.

Skanska is one of the leading construction- and project development companies in U.S., specialized in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska USA had sales of SEK 66 billion in 2020 and had about 7,600 employees in its operations.

CONTACT:

For further information please contact:

Yena Williams, Communications Director, Skanska USA, tel +1 213 514 2918

Andreas Joons, Press Officer, Skanska AB, tel +46 (0)10 449 04 94

Direct line for media, tel +46 (0)10 448 88 99

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

 

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https://news.cision.com/skanska/r/skanska-signs-additional-contract-to-expand-airport-in-portland--oregon--usa--for-usd-84m--about-sek,c3367046

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20210615 US additional contract airport

 

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SOURCE Skanska

FAQ

What is the value of Skanska's contract amendment for Portland International Airport?

The contract amendment is worth USD 84M.

When is the expected completion date for the Portland International Airport expansion?

Substantial completion is scheduled for 2025.

How will the contract amendment affect Skanska's financials?

The contract will be included in U.S. order bookings for Q2 2021.

What type of work is included in the airport expansion project?

The project includes structural, mechanical, and electrical work.

How much did Skanska generate in sales in 2020?

Skanska had sales of SEK 66 billion in 2020.