Skanska signs additional contract for improvements at Logan Airport in Boston, USA, for USD 250M, about SEK 2.6 billion
Rhea-AI Summary
Skanska (OTC:SKBSY) has secured an additional USD 250 million contract with the Massachusetts Port Authority for improvements at Boston's Logan Airport Terminal E. The project includes constructing a new 67,400 square meter parking garage with approximately 4,000 parking spaces.
The comprehensive development encompasses vehicular bridge connections to the existing central parking complex, a new pedestrian bridge linking to terminals, and modifications to arrival and departure roadways. The project will feature sustainable elements including solar PV panels and aims for Parksmart certification. Construction will begin in Q2 2025 with completion expected in 2030.
Positive
- Secured significant contract worth USD 250M, strengthening order bookings for Q2 2025
- Large-scale project adding 4,000 parking spaces demonstrates strong market position in infrastructure development
- Integration of sustainable features (solar panels) and pursuit of Parksmart certification enhances environmental credentials
- Long-term revenue visibility with project extending to 2030
Negative
- Extended project timeline (5 years) may expose to potential cost overruns and construction risks
- Long construction period could impact regular airport operations and face logistical challenges
News Market Reaction 1 Alert
On the day this news was published, SKBSY declined 3.58%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
As part of Massport's TERC Program, this project will include the construction of a greater than 67,400 square meter (725,000 sq. feet) new Terminal E Parking Garage in the existing location. The multi-story structure will feature approximately 4,000 parking spaces, including spaces for ground transportation on the lower level.
The Program also includes the construction of a vehicular bridge connection to the existing central parking complex, as well as a new pedestrian bridge connecting the garage to the terminals. In addition, modifications will be made to Arrival and Departures level roadways to accommodate access to the garage.
Solar PV panels will be installed to offset electricity consumption, and the project will seek a Parksmart certification issued by the Green Building Certification Institute.
Work will begin in the second quarter of 2025 and the garage is anticipated to be completed in 2030.
For further information please contact:
Chris Mckniff, Communications Director, Skanska
Andreas Joons, Press Officer, Skanska Group, 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.
This information was brought to you by Cision http://news.cision.com
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View original content:https://www.prnewswire.com/news-releases/skanska-signs-additional-contract-for-improvements-at-logan-airport-in-boston-usa-for-usd-250m-about-sek-2-6-billion-302491915.html
SOURCE Skanska
FAQ
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