By Anthony O. Goriainoff

Koninklijke Boskalis Westminster N.V. (BOKA.AE) said Friday that it has received a provisional letter of acceptance for a design and construction contract in Manila Bay, Philippines.

The Dutch maritime-services company said the contract has an estimated value of about $720 million, and that its share of the contract will be approximately $325 million.

The contract award was made by SM Prime Holdings Inc. (SMPH.PH) and entails the reclamation of land through the construction of three artificial islands as part of the Pasay Reclamation Project.

"We have a rich tradition in land reclamation and we look forward to contributing to a modest incremental growth of the Philippines and to protect part of Manila against the effects of climate change," Chief Executive Officer Peter Berdowski said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

December 06, 2019 03:17 ET (08:17 GMT)