HANOI, Vietnam--(BUSINESS WIRE)--Cavico Corp. (OTCBB: CAVO - News), a leading infrastructure development company based in Vietnam, today announced that its wholly owned subsidiary, Cavico Transport Construction JSC (“Cavico Transport”) has received additional work from the Dakdrinh Hydropower Joint Stock Company for stone processing related to Dakdrinh’s hydropower plant located in Son Tan village, in the Quang Ngai province. Phase I of Cavico’s original agreement was for stone processing with revenues of $1.4 million. Recently, the scope of work was increased significantly and the revenue increased by an additional estimated $12 million.
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In Phase II of the Dakdrinh project, Cavico will extract and process rock at the project’s Stone Mine No.5. The processed stones will be used for other construction purposes. The scope of the work will include dynamite blasting, transporting stones to and from processing facilities, storage and delivery of the processed stones to other contractors at the project site. Cavico expects the contract to be completed within four years.
The Dakdrinh facility, a 125 Megawatt hydropower plant, is considered to be the largest hydropower plant on Tra Khuc River and services power to Vietnam’s central region. The plant, which has an investment capital of $177 million, is expected to generate about 521 million kilowatt-hours per year.
“This increase in the scope of work for Dakdrinh Hydropower reinforces our commitment to provide high-quality services to our customers. We continue to strengthen our relationships with existing customers and are delighted to be awarded such a significant contract within a short period of time,” stated Mr. Hai Thanh Tran, vice president of Cavico Corp. “We look forward to providing further services to Dakdrinh as they continue to grow their business.”
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