Costain secures financial close on BSF contract (9103Y)

TIDMCOST

RNS Number : 9103Y

Costain Group PLC

05 January 2011

Costain Group PLC ("Costain" or "the Company")

Costain secures financial close on latest phase of Lewisham BSF school rebuild contract

Costain has been appointed by Lewisham Council to rebuild four more schools at a total value of GBP71 million after financial close was reached on the fourth phase of its Building Schools for the Future ('BSF') project.

Work will shortly begin on building a brand new special school for pupils with autistic spectrum disorder (ASD), Prendergast Vale College, a new all-age school, and the rebuilding of two secondary schools, Bonus Pastor Catholic College and Prendergast Hilly Fields College.

Three of the schools (Bonus Pastor Catholic College, Prendergast Vale College and the new ASD school), with a total capital expenditure of GBP53 million, will be delivered under a Private Finance Initiative (PFI) package, giving significant financial benefits to the Council.

The PFI will be delivered by Learning21, a consortium that includes Costain Engineering & Construction and Babcock International. The design and construction of the schools is being undertaken by Costain, while the facilities and ICT services will be provided by Babcock.

The fourth school, Prendergast Hilly Fields College, will be delivered through a GBP18 million design and build contract with Costain.

Each school will have the very latest in information and communication technology (ICT) and fully integrated facilities management services. All work is due for completion by September 2013.

Commenting on the award, Andrew Wyllie, the Chief Executive of Costain, said:

"Costain is delighted to have reached financial close on the fourth phase of its BSF partnership with the London Borough of Lewisham, and to be part of the on-going delivery of quality education services to the young people of Lewisham."

5 January 2011

Enquiries:

 
 Costain Group PLC              Tel: 01628 842444 
 Graham Read, Communications 
  Director 
 College Hill                  Tel: 020 7457 2020 
 Mark Garraway 
 Adam Aljewicz

Notes to Editors

Costain is one of the UK's leading construction and engineering companies and is currently at the forefront of the drive to develop and improve the nation's infrastructure.

In its targeted sectors, Costain is playing a major role in the provision of new facilities for a range of sectors ranging from waste to transport. The Company's strategy is entitled 'Choosing Costain' and everyone in the organisation is committed to making Costain the automatic choice in terms of both business and technical excellence.

Costain's origins date back to 1865. Since then the Company has featured in some of the world's major construction projects including the Channel Tunnel. Now the Company focuses on specific sectors within three divisions: Infrastructure - Highways, Rail, Airports and Nuclear sectors; Environment - Water, Waste, Marine and Education sectors; Energy & Process - Nuclear Process, Power and Hydrocarbons & Chemicals sectors.

Costain has a strong order book. Significant contract awards include the GBP397 million contract (design, construction and commissioning of 44 different facilities) for the Greater Manchester Waste Disposal Authority. In addition, Costain has won (as part of the 4D consortium) a GBP225 million contract with Southern Water to manage the design and build of a new waste water treatment works in the Brighton and Hove area. Costain is also heavily involved in the Nuclear sector and, in the Summer of 2009, announced the award of a GBP297 million contract for full Engineering, Procurement, Construction and Inactive Commissioning of the Evaporator D project at Sellafield.

The Company's status was underlined at the Construction News 2009 Quality Awards when Costain won the Supreme Award for best overall performance. More recently, the Company was named 'Contractor of the Decade' by New Civil Engineer at the magazine's annual awards in London in August 2010.

For further information please visit : http://www.costain.com/

This information is provided by RNS

The company news service from the London Stock Exchange

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