STOCKHOLM, Sweden, June 23, 2003 (PRIMEZONE) -- Skanska (Other OTC:SKSBF) has received a contract for a highway project in Hong Kong with a total value of SEK 1.7 Billion (HKD 1.7 bn). Skanska accounts for half through its 50-percent-owned business unit Gammon Skanska.
The order is included in order bookings for the second quarter of 2003. The customer is the HKSAR Government of Highways Department.
The contract is for the Northern Section of Deep Bay Link in Hong Kong's New Territories and covers a 4-kilometer section of a six-lane mainline expressway. The construction period is 28 months, with work beginning immediately and scheduled to be completed in October 2005.
The Deep Bay Link will become the fourth road connection between Hong Kong and Shenzhen. The highway will cross over the existing LRT rail line, the Castle Peak Road and the West Rail section that is under construction. The viaducts will be formed using 3,000 precast concrete segments. The construction will also involve extensive piling work to a maximum depth of 70 meters.
Gammon Skanska is Hong Kong's largest construction company, with total net sales of SEK 8.6 billion. Currently, Gammon Skanska is involved in seven projects related to the development of Hong Kong Disney Theme Park. Gammon Skanska's contracts are valued at a total of SEK 1.7 billion. The company is also operating in mainland China, where recently IKEA's new furniture store in Shanghai was completed.
For further information please contact:
Candy Chan, Communications Manager, Gammon Skanska, tel +852 2516 8733 Peter Wallin, Senior Vice President, Investor Relations, Skanska AB, tel +46 8 753 88 86
This and previous releases can also be found at www.skanska.com
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