|AECOM Announces Contract with Libya Housing and Infrastructure Board with Potential Value of $574 Million|
AECOM selected to lead program management department, nation-wide housing and infrastructure development program
LOS ANGELES--(BUSINESS WIRE)--Dec. 13, 2007--AECOM Technology Corporation (NYSE: ACM), a leading provider of professional technical and management support services for government and commercial clients around the world, announced today that it has signed a five-year contract which authorizes the initial two years for $201 million and contains three additional option years for a potential total value of $574 million. AECOM will lead the Program Management Department for the Great Socialist People's Libyan Arab Jamahiriya Housing and Infrastructure Board (HIB).
This announcement establishes AECOM as the main advisor for the Libyan HIB for major cities throughout the country. According to the master agreement, AECOM will serve as the overall program manager of the HIB capital budget program - a comprehensive housing and infrastructure development program for Libya that will create an enhanced environment for its citizens and visitors - which the HIB has indicated has a total value of approximately US $50 billion.
AECOM was selected for the initial phase of this housing and infrastructure enhancement project in August. Today's announcement reflects a multi-year agreement that includes two base years totaling $201 million and three option years. The total potential value of this contract is up to $574 million over five years.
The scope of this effort on the part of the Libyan HIB includes the construction of new housing and infrastructure systems for all major cities in Libya; urban design and development; housing units and residential settlements; upgrades to existing infrastructure, roads, highways, bridges, water, wastewater and other utility systems; and environmentally focused sustainable processes.
"This new agreement with AECOM reflects the significant commitment that Libya has made to improve our national housing and infrastructure," said Abu Zaid Dorda, chairman, Libyan HIB. "We have a unique opportunity to enhance the quality of life for our people and the economic potential for our country through this major housing and infrastructure development initiative."
The project scope also includes the knowledge transfer and training of over 100 HIB executives, engineers, and technical specialists at AECOM global offices on program management, construction management and inspection, and planning and design.
"We are delighted to advance our partnership with AECOM, and its global network of expertise and resources, as we move forward in this exciting and historic period for our nation," Dorda added.
According to Dorda, AECOM will lead the HIB's Program Management Department, including its more than 250 professionals, and all outside consultant firms retained for specific planning, design, and construction management roles.
Specific responsibilities will include reviewing designs, plans, and studies submitted to the HIB; assessment and review of current and ongoing design and construction projects; coordination and integration of master plans for urban areas; management of the preparation of detailed plans and studies for housing, water systems, sewage systems, storm sewer systems, roads, bridges, transit systems, and traffic systems for a number of large cities; management of the procurement and contracting programs; and the establishment of management and control networks for all related projects.
"AECOM is honored to be selected by the Libyan Housing and Infrastructure Board for this very important program," said John M. Dionisio, AECOM president and chief executive officer. "AECOM's mission is to enhance and sustain the world's built, natural and social environments. This partnership exemplifies our commitment to this mission, which will significantly improve the quality of life for the Libyan people."
AECOM (NYSE: ACM) is a global provider of professional technical and management support services to a broad range of markets, including transportation, facilities, environmental and energy. With more than 32,000 employees around the world, AECOM is a leader in all of the key markets that it serves. AECOM provides a blend of global reach, local knowledge, innovation and technical excellence in delivering solutions that enhance and sustain the world's built, natural and social environments. AECOM serves clients in more than 60 countries and had revenue of $4.2 billion during fiscal year 2007. More information on AECOM and its services can be found at www.aecom.com.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for the Libyan Housing and Infrastructure Board capital budget program, our future operations and any statements regarding future economic conditions or performance. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in our annual report on Form 10-K for the fiscal year ended September 30, 2007, and our other reports filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
CONTACT: AECOM Technology Corporation