Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it was awarded a contract from the Seattle Department of Transportation (SDOT) for Construction Management Services on the Elliott Bay Seawall Project (EBSP) in Seattle, Wash.
Officials estimate the construction value to be $300 million for Phase 1 of the project.
Under the terms of the contract, Jacobs is managing the construction of approximately 3,700 feet of new seawall infrastructure in an urban waterfront area that supports public recreation, tourism and commerce. Jacobs’ scope of work includes oversight, inspection, monitoring, coordination and documentation of the project.
The EBSP replaces the existing seawall with a structure that meets current safety and design standards by replacing deteriorated seawall structures that were constructed between 1916 and 1934. Phase 1 of the project, expected to begin in September 2013, replaces the most deteriorated sections of the central seawall. The City of Seattle is planning a second phase of work for the northern seawall as funding is available.In making the announcement, Jacobs Group Vice President Kevin McMahon stated, “We look forward to leveraging our significant experience with large construction projects in urban environments to deliver the Elliott Bay Seawall Project, which is vitally important both in terms of public safety and as a foundation for the redevelopment of Seattle’s vibrant waterfront district.” Jacobs is one of the world's largest and most diverse providers of technical, professional, and construction services. Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2012 Form 10-K, and in particular the discussions contained under Items 1 - Business, 1A - Risk Factors, 3 - Legal Proceedings, and 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts