MARLTON, N.J. and ABU DHABI, United Arab Emirates, June 3, 2010 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract extension to provide project management consultancy services for the new headquarters complex for Abu Dhabi National Oil Company (ADNOC) in Abu Dhabi, United Arab Emirates. The three-year contract extension has an estimated value to Hill of approximately AED 47.2 million ($12.9 million).
ADNOC's new headquarters complex, designed by architecture firm HOK, will be both a landmark building for the company as well as for the United Arab Emirates. The design provides a carefully developed site plan which takes maximum advantage of the building setback by creating plazas and entry courts, suitable for a prestigious corporate headquarters. The complex, which includes a total built-up area of approximately 190,000 square meters (2.0 million square feet), is expected to be completed by May 2013.
"We are honored that our long-term client ADNOC has selected us to manage the construction of their new, world-class headquarters complex," said Raouf S. Ghali, President of Hill's Project Management Group (International). "We are certain that it will be a successful project for the company and for the Emirate of Abu Dhabi," added Ghali.
Abu Dhabi National Oil Company was established in 1971 to operate in all areas of the oil and gas industry and since then has steadily broadened its activity, establishing companies and subsidiaries and creating an integrated oil and gas industry in Abu Dhabi. Today, the company is ranked among the top ten oil and gas companies in the world. For more information on ADNOC, please visit their website at www.adnoc.ae.
Hill International, with 2,400 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 8th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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Certain statements contained in this press release 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 contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, 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, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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