LONDON, England - May 7, 2010
Bechtel, a leading engineering, construction and project management firm, today announces that it has entered into an agreement to sell its one-third interest in Tube Lines to Transport for London (“TfL”) for £103 million. Amey will also sell its two-thirds interest to TfL.
Bechtel Announces Agreed Sale Of Tube Lines’ Equity To Transport For London
After completion of the sale, Bechtel will continue to work with London Underground for an interim period to enable a smooth transition of the capital works programme to London Underground. 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:
London Underground Managing Director, Mike Brown said:
- 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
"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.”
Notes to Editors:
- Completion of the sale is planned for the end of June 2010
- Bechtel owns one third of Tube Lines and Amey (Ferrovial) 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.