Veidekke signs dam contract with Statkraft

Veidekke Entreprenør AS has signed a contract with Statkraft for the renovation of Tunhovd Dam and the building of a submerged weir at Pålsbufjorden in Nore and Uvdal in Buskerud. The value of the contract is NOK 162 million excluding VAT.

Tunhovd Dam is to be renovated to satisfy the current requirements of the authorities in the safety regulations for embankment dams. The dam regulations are maintained and followed up by the Norwegian Water Resources and Energy Directorate
The contract involves cladding the upstream and downstream sides of the dam with stone blocks to prevent erosion, installing equipment to measure leaks and building sluice gates. Related work includes securing the bypass shaft with supporting walls, sidewalls for parts of the dam embankment and work on road 120. 

Pålsbu submerged weir is an environmental measure to reduce the control level of the inner part of Pålsbufjorden, known as Rødtjennan. This is being done to improve living conditions for fish, as well as for aesthetic reasons relating to the reduced control zone. The submerged weir itself will be a 300 metre stone embankment made watertight with a concrete core.

The development will involve building up access roads in the area and two new quarries. Construction work has already commenced and is due to be completed by 1 September 2014.

For more information please contact:
Halvard Leren, Project Manager, Veidekke Entreprenør AS, tel +47 93 40 86 30, halvard.leren@veidekke.no Helge Dieset, Communications Manager, Veidekke ASA, tel +47 90 55 33 22, helge.dieset@veidekke.no
Jon Aarbakk, Project Manager, Statkraft Region East, tel +47 90 88 61 10, Jon.Aarbakk@statkraft.com

Veidekke is one of Scandinavia's largest contractors with 6,100 employees and a turnover of NOK 16.3 billion (2010). Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals.  Veidekke is characterized by a decentralized organizational model with a strong corporate culture and a high degree of employee involvement. Over half the employees are co-owners, holding almost 20% of Veidekke's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.