MARLTON, N.J. and BASRA, Iraq, Nov. 22, 2013 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract from the Governorate of Basra in Iraq to provide program management services in connection with Basra's 2040 Strategic Plan, which involves rehabilitation of existing projects and the construction of new projects related to Basra's infrastructure throughout the region. The one-year contract which is automatically renewable for an additional two years has an estimated value to Hill of approximately $54 million over the full three-year contract term.
Pursuant to the contract, Hill will be providing consulting services to assist with the management of Basra's capital projects by developing strategies for infrastructure planning and rehabilitation, overseeing the implementation of project designs, assisting with the qualification of contractors, reviewing project bids, providing on-site supervision, and auditing contract advances and payments. The Governorate of Basra has an estimated capital budget of $30 billion over the next three years.
"We are honored to be part of this ambitious program that will positively affect the residents of Basra," said Mohammed Al Rais, Senior Vice President and Managing Director (Middle East) for Hill's Project Management Group. "We are confident that our client and our team will be successful in delivering on this promising vision," added Al Rais.Hill International, with 4,000 employees 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 9th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com . The Hill International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5733 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. We do not intend, and undertake no obligation, to update any forward-looking statement.