Germany’s Bauer Wins $2.6 billion Contract for Mosul Dam

German construction and engineering company Bauer said it signed a letter of understanding on a $2.6 billion [3.1 trillion Iraqi dinar] contract to refurbish a dam in Iraq.

“We expect the contract to be ready for signing within the next few months, after some final details have been clarified,” Chief Executive Thomas Bauer said in a statement on Thursday, according to a report from Reuters.

The project, the company’s biggest ever, is scheduled to take about six years to complete It will involve Bauer building a cut-off wall to seal the Mosul Dam in northern Iraq. The ground beneath the 3.6 kilometre-long dam has become increasingly water-permeable, Bauer said.

(Source: Reuters)

One Response to Germany’s Bauer Wins $2.6 billion Contract for Mosul Dam

  1. piero November 4, 2011 at 6:07 pm #

    DISCLOSURE ABOUT MOSUL DAM

    Cesena, 04th November 2011 – With reference to recently published news regarding a supposed

    “Letter of Understanding” on behalf of the Iraqi Ministry of Water Resources for the execution of
    the works regarding the Mosul dam in Iraq, with the current notice the TREVI Group considers
    necessary to point out that there is to this day no evidence of the described facts and / or acts
    legally relevant, regarding the international public tender.

    “From the referred facts -states the Managing Director Gianluigi Trevisani -no legal and binding
    award on behalf of the Iraqi government bodies has yet been issued and announced; the
    negotiating process is to be considered still on due course and the final decision is under scrutiny
    of the designated Iraqi inter-ministerial body.

    Should news regarding the above mentioned project be issued and confirmed officially by the Iraqi
    Government and after appropriate checks on the respect of the public tender procedures, the
    Company will acknowledge it in accordance with the respect of the confidentiality clauses of the
    tender documents. This is also in accordance with the company’s policy to announce the awards
    of price sensitive contracts only when finalized.

    The final awarding of the Mosul project, which still remains a significant opportunity, will not
    affect our growth perspectives in the various sectors and will not influence our growth in
    geographical areas and markets already described in our strategic profile. The capital increase
    related to the convertible bond issued in November 2006 does support this development path.

    About TREVI GROUP:

    Trevi Group is a worldwide leader in the field of soil engineering (special foundations, tunnel excavation, soil consolidation and the
    building and marketing of special rigs and equipment relevant to this engineering sector); the Group is also active in the drilling
    sector (oil, gas and water) both in the production of plant and the supply of services, and it also builds automated underground car
    parks. The Group was established in Cesena in 1957 and today has more than 30 branches and is present in over 80 countries. Its
    success is due to the vertical integration of the main divisions making up the Group: Trevi, the division that supplies special services
    in the field of soil engineering, Petreven, the oil drilling division of the Group, Soilmec, the division that produces and develops
    plant and machinery for soil engineering and Drillmec the division that produces and develops drilling rigs (oil, gas and water).
    The parent company TREVI – Finanziaria Industriale Spa has been listed on the Milan stock exchange since July 1999. The key
    financial figures for 2010 are: Total revenues of €952.9 million, EBITDA of €137.3 million (margin of 14.4%), EBIT of €84.3 million
    (margin of 8.8%), and NET PROFIT of €46.4 million. More information can be found on the website: http://www.trevifin.com.

    For further information:
    Investor Relations: Stefano Campana 0547 319 411 [email protected]
    Josef Mastragostino 0547 319 448 [email protected]
    Cristina Trevisani 0547 319 528 [email protected]
    Group Communication Office: Franco Cicognani 0547 319 503 [email protected]

    TREVI – Finanziaria Industriale S.p.A. – Via Larga, 201 -47522 Cesena (FC) (Italy)
    Tel. 0547 319311 – Fax 0547 319313 E mail [email protected] web site http://www.trevifin.com
    Share Capital Euro 32,000,000.00 Fully paid in
    Companies Register Forlì – Cesena, Tax Code and VAT number: 01547370401 – C.C.I.A.A. R.E.A. n 201.271