Serco Group plc (“Serco”), as a 50/50 partner in the Training College Consortium (“TCC”), has been chosen as the preferred bidder for a 30-year Private Finance Initiative (“PFI”) contract, with an estimated value of approximately US$1.4 billion, to design, build and operate the Joint Technical College, Oman (“JTC Oman”); contract signature is expected in three to four month’s time. It will take approximately two years, from financial closure, for Phase 1 of the construction work to complete and, when fully ready in about three years time, the College will accommodate up to 2000 residential students, both military and civilian. As with all of Serco’s PFI projects, the majority of the construction component of this contract will be funded by non-recourse debt.

Serco, and its Oman partner, the Bahwan Engineering Group, part of Suhail Bahwan Group (Holdings) Co. LLC, have created an international partnership that brings technical experience in design and building world-class facilities together with renowned management and learning expertise to meet the technological challenges of the Sultanate of Oman and the Oman Ministry of Defence.

Christopher Hyman – Serco Group Chief Executive commented:

"Serco brings to this important and prestigious project a proven track record in management, learning capability and organisational design and change, which will be vital to ensure a seamless transition to the new facility. Through the successful delivery and management of the UK MOD Joint Services Command and Staff College, Serco demonstrates its experience in design, build and management of such an establishment as well as extensive PFI experience. We look forward to working with our local partner, the Bahwan Engineering Group, and to delivering this exciting project for our customer in Oman".