MARLTON, N.J. and NEW YORK, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that the company, in association with WSP USA Corp., has received a task order contract from Region 2 of the U.S. General Services Administration (GSA) to provide construction management services in support of GSA's Energy Savings Performance Contracts (ESPCs) for multiple federally-owned buildings located in Manhattan, Brooklyn and White Plains, New York. The three-year contract has an estimated value to Hill of approximately $3.2 million.
GSA Region 2 is seeking to implement a variety of energy conservation measures in 11 facilities covering a total area of approximately 8.6 million gross square feet of conditioned space. The ESPC contract vehicle allows third party contractors to invest in federal facilities, and recover the costs of their investment plus a reasonable profit from the energy savings which are generated by the investments. Use of this type of contract brings with it significant risks and debts for GSA which must be managed to ensure that projects selected offer the best returns on investment, and that once investments are made, that expected savings are achieved. This effort also involves significant repair work to existing building operating systems in order to make them function correctly and enable the government to measure energy usage before and after projects are completed in order to verify actual savings realized.
This project includes planning development of the program, identification and budgeting of energy and water conservation projects, life cycle cost estimates of investment decisions to facilitate business decisions by senior leaders, execution of individual project elements by the prime energy services company and subcontractors, measurement and verification of results, and adaptive management of the program to accomplish the overall goals. The estimated range of the construction costs for this ESPC effort is $80-$100 million.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV