Joint venture is part of seven-year terminal development

Balfour Beatty has won a $900m (£590m) joint venture contract for preconstruction and construction services for Dallas Fort Worth (DFW) International Airport's seven-year terminal development programme.

The joint venture, known as BARC, comprises Balfour Beatty, Azteca Enterprises, H.J. Russell & Company and CARCON Industries.

Balfour Beatty chief executive Ian Tyler, said: “Our ability to leverage the experience and relationships across our businesses in the US, combined with our strong multidisciplinary capabilities and project management skills, are ideally suited to complex major infrastructure developments of this kind.”

The project scope includes the replacement of mechanical, electrical, and plumbing systems, improving roadways and in-field parking garages and preparing existing areas for new conveyance systems for baggage handling. The phased project will also involve the construction of temporary facilities to accommodate areas that are undergoing renovation.

The news sent the share price up from 297p to 300p in early trading and Kevin Cammack, an analyst at Cenkos Securities, said that “continued news flow of this nature” was a good reason to buy Balfour Beatty shares at 300p or less.