MARLTON, N.J. and BUCHAREST, Romania, Feb. 12, 2009 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received two contracts from local utilities in Romania to provide project management services. The two four-and-a-half year contracts have a combined estimated value to Hill of approximately EUR 4.8 million ($6.2 million).
The first contract was awarded by SC ECOAQUA SA Calarasi for EUR 80 million ($102 million) and involves improvements to the water supply and sewerage infrastructure within five cities located in Calarasi County as well as one city in Lalomita County. The program consists of 11 separate projects that will involve the rehabilitation and extension of the water supply networks, sewerage networks, drinking water treatment plants and wastewater treatment plants.
The second contract was awarded by SC AQUASERV SA Tulcea for a EUR 115 million ($147 million) water infrastructure improvement program in four cities located in Tulcea County. The program entails rehabilitation and extension of the water supply networks, sewerage networks, drinking water treatment plants and wastewater treatment plants.
Both projects are expected to be completed by September 2013.
"These much-needed improvement projects will have a positive impact on the growing population of Romania and its economy," said Raouf S. Ghali, President of Hill's Project Management Group (International). "We look forward to the challenge of such an important initiative," Ghali added.
Hill International, with 2,400 employees in 80 offices worldwide, provides program management, project management, construction management and construction claims and consulting services. Engineering News-Record magazine recently ranked Hill as the 11th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
Certain statements contained in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information contained in this press release, the matters set forth herein including, but not limited to, any projections of earnings or other financial items; any statements concerning our plans, strategies and objectives for future operations; and any statements regarding future economic conditions or performance, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include: modifications and termination of client contracts; control and operational issues pertaining to business activities that we conduct on our own behalf or pursuant to joint ventures with other parties; difficulties we may incur in implementing our acquisition strategy; the need to retain and recruit key technical and management personnel; and unexpected adjustments and cancellations related to our backlog. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in the reports we have filed with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statement.
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