Balfour Beatty wins $625m US contract

FTSE 250 infrastructure group Balfour Beatty has been awarded a $625m (£484m) contract by the Texas Department of Transportation to reconstruct and improve the Southern Gateway, which is an 11 mile stretch of road in Dallas.

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The contract has been awarded in joint venture to Pegasus Link Constructors, a JV between Balfour Beatty and Fluor Corporation in which Balfour has a 45% share.

The award is part of the Clear Lanes initiative, a programme that prioritises funding for congestion relief projects in Texas' metropolitan areas.

Chief executive Leo Quinn said: "We are pleased to have been selected by the Texas Department of Transportation for the 'Southern Gateway'. This award recognises our expertise and track record for delivering complex design-build transportation projects following our successful delivery of the adjacent Dallas Horseshoe Project. "

Construction is due to start late this year, with completion expected in 2021.

At 1450 BST, the shares were up 1.6% to 296.70p.