Michael Baker Jr., Inc., an engineering unit of Michael Baker Corporation (NYSE MKT:BKR), has been awarded a final design contract for the Lake Barkley Bridge Crossing by the Kentucky Transportation Cabinet (KTC). The two-year, $5.69 million contract, awarded due to an amendment of the existing contract, is for delivery of final bridge design services through 60 percent completion. Specifically, Baker will provide final design services including project management, public involvement, project meetings, DBE coordination and arch bridge design. The new basket-handle, tied-arch Lake Barkley Bridge will carry U.S. Route 68 and Kentucky State Route 80 traffic across Lake Barkley in Trigg County, Kentucky, west of Cadiz, Kentucky, a seismically active region. The bridge is the only crossing on Lake Barkley and the Cumberland River, and is in a navigable waterway. “This bridge is one of KTC’s key crossing projects and will replace a major functionally-obsolete bridge serving the very popular western Kentucky recreational areas,” said Baker’s James B. Williams, P.E., vice president and project manager. “We are extremely pleased with the contract award and look forward to the challenge and to working with our team partners and KTC on this crucial project for the region.” Michael Baker Corporation ( www.mbakercorp.com) provides engineering, design, planning and construction services for its clients’ most complex challenges worldwide. The firm's primary business areas are architecture, aviation, defense, environmental, geospatial, homeland security, municipal & civil, oil & gas, rail & transit, telecommunications & utilities, transportation, urban development and water. With more than 3,000 employees in over 100 offices across the United States, Baker is focused on creating value by delivering innovative and sustainable solutions for infrastructure and the environment.
Shares of Michael Baker Corporation (AMEX:BKR) were gapping down Wednesday morning with an open price 10.3% lower than Tuesday's closing price. The stock closed at $20.62 yesterday and opened today's trading at $18.50.
Shares of Michael Baker Corporation (AMEX:BKR) have taken a tremendous swing upward. The stock is trading at $21.61 as of four p.m. ET, 24.9% above Monday's closing price of $17.30. Volume is at 206,183, 5.7 times the daily average of 36,000.