BAM revises outlook following cost overrun at sea lock IJmuiden

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Beleggingsadvies 06/12/2017 08:35
6 december 2017 - Royal BAM Group nv

BAM revises outlook following cost overrun at sea lock IJmuiden
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Bunnik, the Netherlands, 6 December 2017 – Based on the latest available information, Royal BAM Group nv expects a considerable project loss in 2017 on the sea lock IJmuiden.

Rijkswaterstaat awarded the OpenIJ consortium the contract to design, construct, finance and maintain a new sea lock at IJmuiden in mid-2015. The contract value is approximately €600 million. Construction activities are carried out by a 50/50 joint venture between BAM and VolkerWessels.

The loss mainly relates to the redesign of the two caissons (the construction holding the lock doors) to prevent torsion and cracking during immersion. The new design specified reinforced caissons and heavy temporary structures. Recent implementation works revealed significantly higher costs for specialist materials and equipment and personnel over the prolonged construction period. For BAM, this will lead to an estimated additional project loss of around €55 million in the fourth quarter 2017. As a consequence, BAM expects an adjusted result before tax for the full year 2017 which will be substantially lower compared to 2016.

BAM CEO Rob van Wingerden commented:

‘We are very disappointed with this significant cost overrun. We are working with our joint venture partner in close consultation with the client to deliver this important project for the Amsterdam region. Despite this setback we remain confident we are on the right track to realise our strategic ambitions.’

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