PHILADELPHIA and SEATTLE, Sept. 13, 2016 (GLOBE NEWSWIRE) — Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract extension from the Central Puget Sound Regional Transit Authority (Sound Transit) to provide design-build project management services during the next phase of the E360 Segment of the East Link Light Rail extension project near Seattle, Washington.
Hill received its original contract in January 2015 for Phase I (pre-construction) services valued at approximately $1.0 million over a one-year period. The recent amendment for Phase II (construction) services will have an estimated value to Hill of approximately $19.0 million over the next four years, for a total contract value of approximately $20.0 million.
The E360 Segment, the terminal segment of the East Link Light Rail extension, is a 1.8-mile line stretching from East Bellevue to the main Microsoft campus in Redmond. The alignment includes aerial guideway, at-grade and retained cut sections, and features two new platform stations, two pedestrian bridges and a 300-vehicle parking garage. The estimated civil construction cost of the project, which is expected to be completed in late 2020, is approximately $225 million.
“We are excited to begin the next phase of the East Link extension,” said Gregory C. Heinz, Vice President for Hill’s Project Management Group.
Hill International, with 4,500 professionals in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the eighth largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
Certain statements contained herein 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, the matters set forth herein including, but not limited to, any projections of revenues, 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 to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.
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