Balfour Beatty, a UK builder, announced on Tuesday that it has been awarded a £43 million ($52.5 million) contract by Transport for London. The contract is for the upgrade works on the Piccadilly line of the London Underground.
Enhancing the Infrastructure
As part of the contract, Balfour Beatty will be responsible for the design, supply, and installation of new assets at the Hatton Cross and Hounslow substations. The project is scheduled to commence by the end of this year, and completion is expected by 2026.
Building on a Strong Partnership
This contract marks the second award for Balfour Beatty under the London Underground High Voltage Power framework, to which they were appointed last year. The company's selection showcases their long-standing relationship with Transport for London, as they have been collaborating on various projects for the past two decades.
Supporting Future Growth
The upgrade works aim to accommodate the increased traction power requirements of the next generation of Piccadilly line trains. Additionally, it will enable the delivery of enhanced capacity along the route.
Positive Market Response
Following the announcement, Balfour Beatty's shares saw a slight increase of 0.1%, equating to 0.4 pence, trading at 310.4 pence as of 0725 GMT.