OHL has just obtained in the United States the one that represents, to date, its largest contract this year. The Spanish construction company has been selected as the preferred offer to carry out the rehabilitation works of the Throgs Neck bridge in New York. The budget of the project amounts to US $257 million (223 million euros).
With this project, OHL is reinforced as one of the first construction groups in New York, where in recent years it has been awarded numerous contracts, with a very relevant participation in subway works. The company has also worked in the rehabilitation of bridges in the US market, such as the George Washington Bridge in New Jersey. The Metropolitan Transportation Authority (MTA) has chosen Judlau’s proposal ahead of other construction companies like Tutor Perini, American Bridge Company or Sweden’s Skanska.
The Throgs Neck Bridge is a suspension bridge opened on January 11, 1961, which transports Interstate 295 over the East River, where it meets the Long Island Sound. The bridge connects the Throggs Neck section of the Bronx with the Bay Terrace section of Queens. The works that will have to develop OHL consist of the replacement of the roof system in the suspended sections of the bridge.
During the first semester, OHL obtained contracts for 1.237.2 million euros. The expectation of the company is to exceed this figure in the second half of the year, so that the final figure would be at levels similar to those achieved in the year 2017. Of the total, 46.1% (more than 570 million) corresponds to the United States, its main market. A percentage that with the new contract and those achieved in August favor that already exceeds 50%. Currently, the Spanish multinational has a short-term business portfolio of more than 5 billion euros in projects, which represents 26.6 months of sales, “being a healthy portfolio, geographically diversified and by project size”, explained the company in the last half-year results.
OHL’s commitment is to prioritize margins and generate cash against volume. In this sense, the United States stands as the safest market for the group. In this strategy, the company focuses its portfolio growth on works of a more limited size than it did years ago, although it does not close the door to major contracts, such as the one awarded last year to improve I-405 in California, for about 1.200 billion euros.