Laing O’Rourke has lost £206 million (US$ 268.87 million) on Central hospital (Centre Hospitalier de l’Université de Montréal (CHUM)) project in Montreal. The firm is in JV with OHL for the development and maintenance of the 22 story hospital with over 349,000m² floorspace and 772 single-bed rooms, together with a new energy centre.
The losses are due to racked up £26.4m (US$ 34.45 million) hit on the scheme in the year to March 2018. This and the cost of completing the refinancing of the UK business helped send Laing O’Rourke tumbling to a £43.6m (US$ 56.90 million) pre-tax loss last year. The firm pulled out of bidding PFI deals more than two years ago after its chastening in Canada and on several schemes in the UK. The firm sold its stake in the CHUM project for £32m (US$ 41.76 million) during the period and has since sold a stake in a PFI hospital scheme in Dumfries & Galloway for £16.5m (US$ 21.53 million).
Country updates
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February 21, 2019
St. Paul's hospital replacement business plan gets green light
The government of British Columbia of Canada has given the go-ahead to the US$ 1.4 billion St. Pauls' hospital replacement PPP in Vancouver, following the approval of the business plan for the project...
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February 20, 2019
BC launches tender for CAD2.8-bn Broadway Subway P3
The Broadway Subway in Vancouver is moving forward with an invitation to bidders to submit their qualifications to design, build and finance the project.
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February 19, 2019
Bids in for mental health P3 project in Newfoundland and Labrador
The Government of Newfoundland and Labrador has received bids from interested developers for its mental health and addiction facility that will be built in St John, located in&nbs...
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February 18, 2019
BC shortlist bidders for 1.4B bridge replacement project.
British Columbia’s Ministry of Transportation and Infrastructure has selected three pre-qualified bidding teams to participate in the competitive selection process to design and construct the ne...
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February 18, 2019
Request for Proposals closed for the Macdonald Block reconstruction project
The request for proposals stage has closed for teams to submit their bids to design, build, finance and maintain the Macdonald Block Complex, the administrative hub of Ontario government operations, a...
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