Feb 17 2010
Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today announced that it signed a road construction contract with Global Petroleum Power Company, an energy joint stock company. The revenue value of the contract is approximately $0.5 million.
According the agreement, Cavico’s majority-owned subsidiary, Cavico Transport is responsible for constructing a 2.5 kilometer service road that will lead to the Nam Pan 5 Hydropower Plant. Cavico expects to complete the service road construction within 120 days, once the overall project commences.
The Nam Pan Hydropower Plant is located on the Nam Pan stream in Muong Bu village, in Son La province. According to the design, the 34.5 Megawatt capacity plant will require an initial $44.7 million capital investment. The plant is expected to be put into fully operation in 2014.
Mr. Hai Thanh Tran, vice president of Cavico, said, “Road construction is a highly competitive market in Vietnam and we are very pleased to have been awarded this contract. Cavico has the largest non-state-owned fleet of heavy construction equipment in Vietnam and we believe this gave us the edge to win this contract. We expect to complete our scope of the project in a timely manner and possibly securing additional work related to the plant.”
Source: http://www.cavicocorp.com.