SNC-Lavalin awarded $135 million services contract in Saudi Arabia
Pedestrians walk past the offices of SNC Lavalin in Montreal. (Ryan Remiorz / THE CANADIAN PRESS)
Published Wednesday, August 15, 2012 10:21AM EDT
MONTREAL -- Engineering and construction giant SNC-Lavalin announced its second contract in Saudi Arabia in about a week, a 10-year services contract valued at $135 million.
The Montreal-based company will operate and maintain the King Abdullah Petroleum Studies and Research Center project located in Riyadh.
The project will conduct research in energy economics, technology and the environment. The centre will include a research and office complex, residential accommodations for 1,000 students and supporting infrastructure for energy, chilled water plant, transportation and maintenance.
SNC-Lavalin (TSX:SNC) said it will provide integrated facility and community management services to the project.
"We are delighted by the opportunity to be involved in such a state-of-the-art facility," said SNC executive vice-president Charlie Rate.
The project is the first Leadership in Energy and Environmental Design (LEED) certification outside of North America, and the largest residential development project to earn the certification in the world.
Last week, SNC announced a $92-million district cooling contract in the Saudi city of Mecca, site of an annual Islamic pilgrimage that attracts Muslims from around the world
District cooling uses a central plant to chill water that is then distributed to several other buildings that use the water to cool themselves before the water is returned to the central plant.
SNC-Lavalin this week announced the hiring of American executive Robert Card as chief executive, effective Oct. 1.
On the Toronto Stock Exchange, SNC shares lost 13 cent at $37.13 in morning trading.