FX.co ★ Skanska Signs Addl. SEK 1.2 Bln Contract For Part 2 Of NKT's Cable Factory In Sweden

Skanska AB, a leading Swedish construction firm, announced on Monday that it has entered into an additional contract valued at approximately 1.2 billion Swedish kronor with NKT HV Cables AB. This agreement pertains to the second phase of construction and installation activities for the expansion of NKT's cable factory located in Karlskrona, Sweden.

The two companies are already working together under a collaboration agreement focused on various segments of NKT's cable factory expansion in Karlskrona. This new contract specifically addresses phase two, which includes the construction and installation works for the tower building, along with its auxiliary structures.

Work on this phase will commence immediately, with a planned completion date by May 2026. This contract will be recorded in Sweden's order bookings for the fourth quarter of 2024.

Skanska highlighted that NKT's capital investment is instrumental in advancing the distribution of renewable electricity and promoting technological innovation in the Blekinge region as well as in Sweden at large.

The initial collaboration agreement was finalized in July 2023, followed by time-sensitive contracts totaling around 300 million kronor, signed in December 2023.

Furthermore, the contract for the initial construction phase, valued at 700 million kronor, was signed in July 2024 and is anticipated to be completed by 2025.