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Bechtel Completes Sale of Equity Interest in Tube Lines
Bechtel today announced completion of the sale of its one-third interest in Tube Lines to Transport for London (TfL). Bechtel, along with its partner, Amey, has entered into an agreement to sell their interests in Tube Lines to Transport for London (‘TfL’) for a total of £310 million.
Bechtel will continue to work with London Underground for an interim period to enable a smooth transition of the capital works programme to Transport for London. Amey will continue to provide management and maintenance services to Tube Lines.
Mike Adams, President, Bechtel Civil, commented:
“We are extremely proud to have played an important role in delivering the substantial improvements in performance on the Jubilee, Northern and Piccadilly lines, while transforming safety for people working on the network. These achievements are a tribute to the dedication and hard work of Tube Lines’ employees.”
Adams noted that under Tube Lines’ stewardship, during which time Bechtel had a major role in the capital works programme for the Jubilee, Northern and Piccadilly lines, the company delivered significant improvements in reliability and safety, including:
- 57% fewer passenger delays across the three lines
- 70% improvement in reliability on the Piccadilly line
- 17% improvement in reliability on the Jubilee line
- 65% improvement in reliability on the Northern line which consistently out performs all other lines on the network
- 88 Tube Lines station upgrades delivered into service on or ahead of schedule
- 50% and 40% reduction in costs for station upgrades and track works respectively
London Underground Managing Director, Mike Brown said:
"We welcome this agreement with Amey and Bechtel, which will enable us to continue with the vital upgrade of the Tube while providing greater flexibility in the way that is achieved.
I would also like to acknowledge the contribution of Tube Lines’ shareholders, management and staff to the improved operational performance on the Jubilee, Northern and Piccadilly lines over the last seven years.”
Bechtel is among the world’s premier engineering, construction, and project management companies. Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries and all seven continents. Today, its 49,000 professional and craft employees are teamed with customers, partners, and suppliers on hundreds of projects in nearly 50 countries. For more information about Bechtel visit www.bechtel.com. Bechtel has been present in the UK for nearly 60 years, and its global civil infrastructure business is based in London.
Notes to Editors:
• Bechtel owns one-third of Tube Lines and Amey owns two-thirds
• Safety on the network has been transformed. Employees and contractors working on Tube Lines’ sites are now over 20 times less likely to have an injury than they were when Tube Lines assumed responsibility for its three lines, when the lost time injury frequency rate (LTIFR) was 1.40. The LTIFR is now 0.08.
Contacts:
Finsbury Group
James Leviton / Don Hunter
020 7251 3801
Bechtel
Julie Green
020 7651 7887