Sterling Awarded $80 Million Aviation Project in the Marshall Islands
April 21 2020 - 9:00AM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Road and
Highway Builders, LLC (“RHB”), has been awarded an $80 million
aviation subcontract by Parsons Corporation (“Parsons”) for the
reconstruction of the Bucholz Army Airfield Runway in the Kwajalein
Atoll of the Marshall Islands. Our efforts are a part of Parsons
project with the US Army Corps of Engineers (USACE).
The project consists of paving a 200 foot by 6,000 foot runway
in order to accommodate increased air traffic. Innovative phasing
will allow the runway to remain operational while construction
occurs, as the strategic significance of the airfield does not
allow reconstruction to close the runway. Logistics has commenced
to transport aggregates, other materials and equipment to the
airfield. The reconstruction project has an estimated completion
date of mid-2021.
“We are honored to have been selected to efficiently and safely
improve the Bucholz Army Airfield, a critical strategic post for
the U.S. military’s Pacific presence,” stated Joe Cutillo,
Sterling’s CEO. “RHB has expertise in this type of terrain and
remote working environment that can be brought to bear on this
reconstruction. This project is yet another example of Sterling
continuing to successfully execute our strategy of diversification
away from the low-bid heavy highway business and illustrates the
strength of our end markets, especially in these highly uncertain
times.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
rehabilitation, construction site excavation and improvement, and
residential construction projects, primarily across the southern
United States, the Rocky Mountain states, California and Hawaii.
Heavy civil construction projects include highways, roads, bridges,
airfields, ports, light rail, water, wastewater and storm drainage
systems, foundations for multi-family homes, commercial concrete
projects and parking structures. Site excavation and improvement
entails construction site preparation primarily in the Southeast
region of the United States for blue-chip customers in the
distribution center, warehousing, e-commerce, data center, big box
retail and energy sectors, as well as other growing end markets.
Residential construction projects include concrete foundations for
single-family homes in Texas.
This press release includes certain statements that fall within
the definition of “forward-looking statements” under the Private
Securities Litigation Reform Act of 1995. Any such statements are
subject to risks and uncertainties, including overall economic and
market conditions, federal, state and local government funding,
competitors’ and customers’ actions, and weather conditions, which
could cause actual results to differ materially from those
anticipated, including those risks identified in the Company’s
filings with the Securities and Exchange Commission. Accordingly,
such statements should be considered in light of these risks. Any
prediction by the Company is only a statement of management’s
belief at the time the prediction is made. There can be no
assurance that any prediction once made will continue thereafter to
reflect management’s belief, and the Company does not undertake to
update publicly its predictions or to make voluntary additional
disclosures of nonpublic information, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005257/en/
Sterling Construction Company, Inc. Ron Ballschmiede, Chief
Financial Officer 281-214-0777
Investor Relations Counsel: The Equity Group Inc. Fred
Buonocore, CFA 212-836-9607 Mike Gaudreau 212-836-9620
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