Cavico Deploys 150 Additional Engineers and Skilled Workers to Algeria
Cavico Corporation (OTC BB: CVIC) (“Cavico†or “the Companyâ€), a leading infrastructure development company in Vietnam, today announced that Cavico Tunnel Construction, Cavico’s wholly owned subsidiary, has sent an additional group of engineers and highly skilled workers to work on the Eastwest Highway project in Algeria. Cavico has been sending workers to work on this project since July 2007.
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After collaborating for one year with Consortium Japonais Pour l’Autoroute Algerienne (COJAAL) to construct bridges, tunnels and roads along the border of Tunisia and El Attaf, Cavico employees were commended by COJAAL for successfully completing the tunnel construction work ahead of schedule. COJAAL is a joint venture formed by global construction companies Kajima, Hazama, Taisei, Nishimatsu, Maeda, and Itochu in Algeria to construct Eastwest Highway. The $2.8 billion highway, which is expected to be completed by 2009, will be 400 kilometers long with six lanes, 22 intersections, 11 tunnels, and 55 overpasses. The 150 additional workers requested by COJAAL will supplement the existing 135 workers already on the site. Cavico’s contract value is approximately $2.4 million; the Company is being paid monthly based on completion of work and hours contributed by the Cavico workers.
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“Cavico continues to undertake measures to expand its business outside of Vietnam. Initially providing skilled labor as a sub contractor, we plan to transition into providing full construction services in the future,” commented Mr. Hai Thanh Tran, Vice President of Cavico. “We have confidence in the talent of our skilled engineers and workers, whose presence in Algeria continues to expand Cavico’s global footprint,” added Mr. Tran.