Sterling Construction Company, Inc RLW – Skyway Award
THE WOODLANDS, TX
November 30, 2015
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”) was selected by Denver’s Regional Rail Partners (“RRP”) as a major subcontractor for a joint venture between Balfour Beatty and Graham Contracting on two Regional Transport District (“RTD”) projects. These projects, which entail construction on multiple segments of the North Metro Rail Skyway Bridge (“Skyway”), are the second and third jobs awarded to RLW by RRP during 2015.
The first project calls for RLW to construct four bridges as well as six miles of track grade between the Skyway and 112th St. Along with the bridges, RLW will build the associated drainage, mechanically stabilized earth walls, cast-in-place walls and a pedestrian tunnel. The project also includes platform walls for two stations and the retrofit of electric panels and arc flash protection for two bridges. Construction began in October 2015 and is expected to be completed by August of 2016. RLW’s portion of the project has a value of approximately $14 million.
The second project entails construction of two bridges over the South Platte River connecting Denver Union Station to the Skyway Bridge. The construction elements of this project are similar to those of the aforementioned Skyway to 112th segment, and will require RLW to leverage its capabilities in operating with challenging access conditions. This work, which also has a value of approximately $14 million for RLW’s portion, began earlier in November and is expected to conclude by the end of 2016.
Paul J. Varello, Sterling’s CEO commented, “We announced our first project award on the Skyway Bridge in April of this year and believe that RRP’s selection of RLW for these additional sections of this important project is a testament to RLW’s construction expertise and quality of work. We look forward to our continued work with the Balfour Beatty/Graham Contracting JV on this project and on the future phases to come.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California, Hawaii, and other states in which there are profitable construction opportunities. Its transportation infrastructure projects include highways, roads, bridges, airfields and light rail. Its water infrastructure projects include water, wastewater and storm drainage systems.
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.