Flatiron-Dragados wins high-speed rail contract

Hochtief subsidiary Flatiron and joint venture partner Dragados USA are reported to have won a $1.23 billion contract to construct part of the first US high-speed rail system.

The joint venture will build a 60 mile-plus (97 km) portion of a new high-speed rail line between Los Angeles and San Francisco, with construction starting in late 2016 and expected to take about four years, Hochtief said.

The $68 billion project is the largest and most ambitious plan for high-speed rail in the US. It will eventually transport passengers between California’s two biggest cities in less than three hours compared with six hours by car.

President Barack Obama planned to make high-speed rail his signature transportation accomplishment but most of the projects have struggled to gain traction. – (Reuters)