Jacobs Receives Contract from New Jersey Turnpike Authority
Jacobs Engineering Group Inc. (NYSE:JEC) announced today that it has been awarded a contract from the New Jersey Turnpike Authority (NJTA) to supervise construction services on the Garden State Parkway Interchange 36 to 48.
Company officials estimate the construction value covered by the contract to be $176 million. Construction is beginning immediately, with project completion targeted for February 2018. Jacobs’ award, which involves supervision of three contracts covering three continuous sections of the roadway, represents one of the largest construction services contracts awarded by the Authority to date.
Under the terms of the contract, Jacobs is providing supervision of construction for a variety of services to widen the Garden State Parkway mainline, adding a third travel lane in each direction along a 13 mile stretch of the parkway. The extensive and diverse scope of work includes the construction of five new bridges, the widening and/or rehabilitation of eleven existing bridges, and the removal several existing bridges and decks; plus the construction, extension or widening of a number of culverts and headwalls. The project also includes drainage improvements, storm water management recharge swales, striping, more than 30 new sign structures, delineators, lighting, maintenance and protection of traffic, and other miscellaneous work.
In making the announcement, Jacobs Group Vice President Randy Pierce stated, “We are proud to continue our relationship with NJTA and are committed to helping them achieve their capital investment goals. Our highly skilled and experienced team is delighted to be working on this significant Garden State Parkway project that aims to deliver a more efficient and reliable roadway in this vital part of the region’s transportation network.”
Jacobs is one of the world’s largest and most diverse providers of technical professional and construction services. In the past five years, Jacobs has delivered more than 350 highway projects worldwide.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our 2013 Form 10-K, and in particular the discussions contained under Items 1 – Business, 1A – Risk Factors, 3 – Legal Proceedings, and 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.
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