Cavico Announces Tunnel Breakthrough At Song Giang 2 Hydropower Project
HANOI, Vietnam, March 14, 2011 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure civil engineering design and construction conglomerate based in Vietnam, today announced that its subsidiary, Cavico Hydropower, has broken through adit sub-tunnel No. 2 and has completed the construction of a 138-foot-high surge shaft at the Song Giang 2 Hydropower project. Cavico has excavated 4,367 feet of 8-foot-wide tunnels at the project.
In January 2009, Cavico was awarded a contract to excavate a total of 2.8 miles for a headrace tunnel, two sub-tunnels, and a 138-foot-high surge shaft. Cavico expects the Song Giang 2 project to generate approximately $10 million in total revenues for the Company.
The Song Giang 2 hydropower plant is located on the Song Giang River, southwest of Khanh Hoa Province, which is 31 miles from Nha Trang city. Upon completion, the 37-megawatt hydropower plant is expected to generate 141 million kilowatt-hours of electricity annually. The plant will be connected to the national grid to help ease the shortage of electricity supply in the country. The Song Giang 2 hydropower plant has a total estimated investment value of approximately $50 million and is considered to be one of the largest hydropower projects in the Khanh Hoa province."This breakthrough represents months of dedicated work on the Song Giang 2 project and is a very important milestone for Cavico," commented Mr. Hung Manh Tran, executive vice president of Cavico. "This marks Cavico's fifth tunnel breakthrough in the past three months, and we are excited by the strong progress our teams are making at Song Giang 2 and all of our projects. We remain committed to safety, quality, and timeliness in our work and believe that this strategy is paramount to Cavico's future growth and the creation of long-term wealth for our shareholders."
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