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Amec on track for mammoth Korean bridge deal

Amec is close to sealing an £800 million deal to build and operate one of the longest bridges in world.
The support services giant said today that it expects to reach financial close on the PPP deal to build the 12.3 km long Incheon bridge in South Korea by the end of the month.

The bridge - with a main span of 800 m - will be one of

the world's longest spanning cable stayed bridges, linking the new international airport on Yongjong Island with the Songdo New Town economic development zone south-west of Seoul in Incheon

Metropolitan City.

Amec will project manage the construction which is due for completion in 2009. It also has an initial seven year deal to operate and maintain it. Samsung is the main contractor for the construction works.

The company has also taken a 23 per cent equity stake - £20.9 million - in the project consortium Koda, with the remaining equity and debt provided by a consortium of Korean Banks led by Kookmin

Bank and IBK of Korea.

Koda has agreed a 30-year concession with the South Korean Ministry of Construction and Transportation.

Amec chief executive Sir Peter Mason said: 'This deal will provide us with multiple income streams and an attractive return on investment, in addition to positioning us to benefit as more governments examine the best way to provide public infrastructure and services.'

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