Skanska Joint Venture Secures Additional GBP 50M for UK High-Speed Rail Project

Skanska Joint Venture Secures Additional GBP 50M for UK High-Speed Rail Project

(IN BRIEF) Skanska, as part of the Skanska Costain STRABAG joint venture, has received an additional GBP 50 million from HS2 Ltd for phase one of the UK’s high-speed railway project. This brings the total contract value to GBP 1.425 billion for Skanska, covering major tunnel design and construction in the southern section. Significant progress includes four operational tunnel boring machines (TBMs) and the completion of a logistics tunnel. The HS2 project, vital for improving UK connectivity and achieving net-zero carbon emissions by 2050, will be included in Skanska’s European order bookings for Q3 2024.

(PRESS RELEASE) STOCKHOLM, 12-Jul-2024 — /EuropaWire/ — Skanska, as part of the Skanska Costain STRABAG joint venture, has been granted an additional GBP 50 million (approximately SEK 660 million) by HS2 Ltd for phase one of the UK’s new high-speed railway project. This adjustment, reflecting planned and agreed changes to the project’s scope, will be included in Skanska’s European order bookings for the third quarter of 2024.

The updated contract, now valued at around GBP 1.425 billion (about SEK 19.0 billion for Skanska), encompasses the design and construction of significant tunnels in the project’s southern section. Since receiving the notice to proceed from HS2 Ltd in April 2020, substantial progress has been achieved. Four tunnel boring machines (TBMs) have been operational since late 2022 and early 2024, working on 13.5 kilometers (8.4 miles) of twin bored tunnels from West Ruislip to the new high-speed rail super hub at Old Oak Common. A fifth TBM completed a logistics tunnel in January 2024, and two more TBMs, currently in manufacture, will finalize the drive to London Euston.

The HS2 project aims to enhance connectivity across the UK and contribute to the country’s goal of achieving net-zero carbon emissions by 2050.

This and previous releases can also be found at www.skanska.com.

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Media Contacts:

David Tuddenham
Senior Communications Business Partner, Skanska UK,
Tel: +44 (0)7880 406018

Andreas Joons
Press Officer, Skanska AB
Tel +46 (0)10 449 04 94

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SOURCE: Skanska AB