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| Sunday, May 17, 09:18:45pm | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, [8], 9, 10 ] |
| Subject: The contract, signed with Stockholm's public transport authority AB Storstockholms Lokaltrafik (SL), strengthened the smartcard company's position in Sweden where it had already won contracts in Varmland and Gothenburgupgrade of the current magnetic ticketing system to ERG's smartcard platform.. | |
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Author: Work is expected to start early this month, with revenues flowing from April 1The new system is scheduled to be fully operational by the fourth quarter of 2005. |
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Date Posted: Friday, April 04, 10:53:21pm In reply to: 's message, "Contracts waiting for decision.Stockholm Washington DC/Virginia" on Wednesday, December 25, 07:43:52pm ERG wins $58m Stockholm smartcard contract Perth-based ERG has won a $58m contract to provide a smartcard-based ticketing system for the public transport network in the Swedish capital, Stockholm. It follows recent contract wins for ERG in Sydney and in the United States cities of Seattle and Washington DC, and takes total revenue from the four new projects to around $600m, of which more than half is recurring operating or maintenance revenue. It also comes days after ERG's noteholders approved the conversion of their $250m worth of convertible notes to equity, a move aimed at strengthening ERG's balance sheet in the wake of its woeful financial performance. Shareholders will vote on whether they support the conversion of note to equity on April 30. Chief executive Peter Fogarty said on Tuesday the Stockholm contract, which was awarded to ERG against competitors Schlumberger/Sema and Cubic, strengthened the smartcard company's position in Sweden where it had already won contracts in Varmland and Gothenburg. The project was expected to generate revenues of more than $49m plus maintenance of $9m over the term of the system implementation. The contract, signed with Stockholm's public transport authority AB Storstockholms Lokaltrafik (SL), involves the upgrade of the current magnetic ticketing system to ERG's smartcard platform. It provides for the integration of smartcards across SL's public transport network comprising 150 rail and metro stations and more than 1800 buses. ERG said the network currently handled more than 2.4 million passenger trips on a normal weekday and generated some $690m in ticketing revenue annually. The project involves the issue of one million smart cards within the next two and a half years. Work is expected to start early this month, with revenues flowing from April 1. The new system is scheduled to be fully operational by the fourth quarter of 2005. 2 April 2003 [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Export Finance and Insurance Corporation (EFIC) is to provideperformance bonds for projects won by ERG in Seattle,Stockholm andWashington DC | performance bonds comprise bonds of SEK 45 million (A$9 million),US$2 million (A$3.3 million) and US$8 million (A$13.3 million) forthe projects that have been awarded to ERG over the past two months. | Friday, April 04, 10:57:33pm |