RSS Feed Press releases

Zeist / Bunnik, the Netherlands, 13 August 2020 – Dutch pension fund administrator PGGM and Royal BAM Group are discussing the extension of the current partnership between PGGM and BAM PPP. The parties aim to continue their strong track record and explore opportunities to extend their partnership outside BAM’s European home markets to benefit from growth in the global PPP market.

Bunnik, the Netherlands, 10 August 2020 – Royal BAM Group nv has obtained a waiver from the providers of the revolving credit facility (RCF) which had been requested due to the possible breach of the recourse interest ratio covenant. This relates to fully drawing down the €400 million RCF in March 2020 and the earlier reported deterioration of the operating results in the first half of the year. As an additional precautionary measure BAM also obtained a waiver for the recourse leverage ratio covenant. Both waivers are valid for 12 months.

(Press release Scottish and Southern Electricity Networks (SSEN):) Perth, Scotland, 3 August 2020 - Scottish and Southern Electricity Networks (SSEN) Transmission has appointed the main contractors for the construction of the Shetland HVDC link and all associated infrastructure. The major contract awards follows the recent decision by the energy regulator, Ofgem, to grant final approval for the transmission link, with everything now in place for the start of main construction in late August.

(Press release Environment Agency:) 27 July 2020 - Construction begins on multi-million pound flood scheme in Middlesbrough that will provide improved protection to 485 homes.

(Press statement Falkland Islands Government:) Stanley, 14 July 2020 - The Falkland Islands Government (FIG) is pleased to announce that it has agreed the start-up of activity for the contract with BAM Nuttall Ltd to design and build a new port for the Falkland Islands. After the original contract was signed by FIG and BAM Nuttall Ltd on 2 April 2020, the contract was suspended due to the COVID-19 pandemic. FIG and BAM have been regularly reviewing the situation since then, and have now agreed that contract activity will commence at the end of July 2020.

Bunnik, the Netherlands, 8 July 2020 - The Executive Board of Royal BAM Group nv has appointed Mrs C. (Carla) Rodenburg-Verschuur, MBA as managing director of BAM Infra Nederland bv, effective 1 October 2020. Currently, Mrs Rodenburg is member of the Global Management team of technical services provider Stork, a Fluor company, as Vice President Europe.

Bunnik, the Netherlands, 6 July 2020 – The Supervisory Board of Royal BAM Group nv has decided to nominate Ruud Joosten as CEO and chairman of the Executive Board as per 1 September 2020. Joosten (55) has a long-standing career at AkzoNobel, where he has held numerous leadership positions. The last eight years he was member of the Executive Committee and since 2017 Chief Operating Officer, responsible for business performance.

Trading update for the first half of 2020, including Covid-19 impact

Bunnik, the Netherlands, 2 July 2020 – The extraordinary circumstances caused by the Covid-19 crisis have a considerable impact on Royal BAM Group nv. In addition, the company’s performance in the first half year is impacted by continued losses at BAM International, the recently announced Cologne metro settlement and to a lesser extent by underperformance of the German construction and Dutch civil engineering business. Due to these developments, the company expects a first half year adjusted loss before tax of approximately €130 - €150 million. The Executive Committee has decided to start the process of winding down BAM International, active outside BAM’s European home markets, given the lack of a positive outlook.

Hemel Hempstead, 22 June 2020 - Benton Park School has received formal planning permission approval for its £28.5 million new school building to proceed. Commissioned by Leeds City Council, the contract to build the new school was awarded to BAM Construction via the City Council’s LEP process, against strong competition. BAM is now on site with preliminary works and with full covid-19 protocols in force.