Mr. Jean-Louis Servranckx reports

AECON CONSORTIUM SELECTED TO REDEVELOP THE CYRIL E. KING AIRPORT AND HENRY E. ROHLSEN AIRPORT IN THE U.S. VIRGIN ISLANDS

VIports Partners, an Aecon Group Inc.-led consortium, has been selected by the U.S. Virgin Islands Port Authority (VIPA) to redevelop the Cyril E. King Airport in St. Thomas and the Henry E. Rohlsen Airport in St. Croix under a collaborative design, build, finance, operate and maintain (DBFOM) public-private partnership model.

VIports comprises Aecon, Tikehau Star Infra, Consigli Benton joint venture (J. Benton Construction) and Avports. Aecon Concessions will hold a 50-per-cent equity interest in the 40-year concession with Tikehau Star Infra also holding 50 per cent of the equity. Aecon, as design-build lead, will also have a 50-per-cent interest in the design-build joint venture together with local partner J. Benton Construction. Avports will serve as the operations and maintenance partner.

Under a transition phase agreement, VIports and VIPA will negotiate and finalize various elements of the project over a nine-month period. Upon successful completion of the transition phase, financial close is expected in the first quarter of 2025.

"We are pleased to be selected for this transformational project, bringing our experience delivering airports globally and our team's comprehensive expertise to the full project life cycle," said Jean-Louis Servranckx, president and chief executive officer, Aecon Group. "As we continue to pursue select international projects, this project aligns perfectly with Aecon's purpose -- building what matters to enable future generations to thrive."

"We are proud to provide a strong value proposition to clients around the world, offering tailor-made solutions to deliver critical infrastructure, while prioritizing local economic, social and community benefits," said Steve Nackan, executive vice-president and president, Aecon Concessions. "This historic project for the U.S. Virgin Islands (USVI) will significantly improve service levels and capacity, modernize amenities and passenger experience, and enhance the resiliency and sustainability of the airports. We look forward to delivering this project with our valued client and world-class partners, driven by a shared commitment to delivering a lasting legacy for USVI through this landmark project."

About Aecon Group Inc.

Aecon Group is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its concessions segment.

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