The New Zealand Transport Authority has awarded the $168.7 million contract to build the next chunk of the expressway between Auckland and Hamilton to a consortium involving roading firm Fulton Hogan and listed engineering consultancy Opus International.
The 7.2 kilometre Te Rapa section of the expressway is the first to
get the go-ahead since increased funding for roading was announced last August in a package to boost infrastructure investment, and is scheduled for completion in 2013.
Contracts for another seven sections of the expressway have yet to be let, with a Ngaruawahia section next cab off the rank, and due for completion in 2014. The two sections will shave 35 minutes off the driving time between Auckland and Tirau, while adding expansion capacity for the northern outskirts of Hamilton.
The contract requires 1.6km of widening on an existing road, a new 5.6km section, and has three new interchanges and three additional bridges.
Construction begins in September.
A spokeswoman for NZTA declined to divulge details of the split in the three-way partnership between Fulton Hogan, Opus and the agency itself.
Opus shares traded down 1.18 per cent on tiny volumes, a $1.68 today.
Opus shares have risen 58.8 per cent in the last 12 months.
