SK Engineering & Construction announced on June 9 that it was selected by the Transport for London as a preferred bidder for a 1.5 trillion won project to build Silver Town Tunnel.
SK E&C participated in the project by forming an investment consortium, dubbed RiverLinx, with four companies -- Macquarie (Australia), Cintra (Spain), Aberdeen (the U.K.) and BAM (the Netherlands). SK E&C has a 10 percent stake in the consortium.
The project is to build two two-lane road tunnels with a total length of 1.4 km and a diameter of 12.4 meters that pass under the River Thames to connect Silver Town and Greenwich in London, England. The tunnels will cost about 1 billion pounds.
Separate from RiverLinx, SK E&C has formed another consortium with BAM Nuttall (the U.K.) and Ferrovial Agroman (Spain) to execute the project in the engineering, procurement, and construction (EPC) method. SK E&C has a 20 percent stake in this consortium.
SK E&C said the project was quite meaningful in that it was the first public-private partnership (PPP) project won by SK E&C in Western Europe. The United Kingdom is the first county in the world to develop the PPP approach.