The two orders will be added to Q2 and Q3 of this year, respectively. Credit: Bannafarsai_Stock via Shutterstock.

Construction company Skanska has announced the receipt of two contracts worth approximately $703m, one in Sweden and the other in the US.  

It announced signing an agreement with Danish company NKT HV Cables for the construction of towers and side buildings as part of an expansion at a cable factory in Karlskrona, Sweden. 

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The new contract, valued at approximately Skr700m ($66.32m), will be recorded in Skanska’s Swedish order bookings for the third quarter (Q3) of 2024.  

This collaboration is set to contribute to the advancement of renewable energy distribution and technological growth in the Blekinge region and across Sweden. 

Construction work is set to commence immediately, with a completion target of June 2025.  

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This agreement comes after a previous contract for time-critical foundation and framework tasks that Skanska secured with NKT HV Cables, a manufacturer of HV cables, last year.  

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That contract was worth Skr300m. 

Skanska also confirmed securing a contract with an undisclosed passenger railroad client in the Northeastern US.  

The contract, worth $637m, will be included in the company’s US order bookings for Q2 2024.

The project involves the rehabilitation and modernisation of rail tunnels, with work scheduled to start in 2024 and expected to be completed by 2027. 

Earlier this month, Skanska secured a contract for the Livingston Avenue Bridge replacement project in Albany, New York, US. 

This project encompasses the construction of a new two-track, vertical-lift railroad bridge over the Hudson River, which is expected to enhance transport connections between Albany and Rensselaer. 

Project development and construction company Skanska currently operates across select markets in the Nordics, Europe, and the US.