Veidekke Secures $235m Contracts for Norway, Sweden Infrastructure

Veidekke ASA, a leading Scandinavian construction contractor, has secured two major contracts to support infrastructure modernization in Norway and Sweden. In Norway, Veidekke was awarded a design and build contract worth nearly NOK 1.3 billion by Statnett for constructing three new substations in Vestland county, aimed at replacing aging infrastructure and boosting grid capacity to support electrification and the green shift; construction is scheduled to start in October 2023 and conclude by 2030. In Sweden, Veidekke and its subsidiary Veitech received a SEK 1 billion contract from the Swedish Fortifications Agency for construction and installation work at a defense facility in eastern Sweden, with production beginning in Q2 2025 and expected completion in Q1 2028. Veidekke emphasizes stakeholder involvement and local expertise, with half of its 8,000 employees owning shares; the company has consistently been profitable since 1936 and maintains a significant presence in building, civil engineering, road maintenance, and asphalt production across Scandinavia. These contracts reinforce Veidekke's position in the Scandinavian construction market and align with regional infrastructure and defense priorities. The company's steady financial performance and strategic project wins continue to attract investor attention, with current analyst ratings maintaining a Hold on its stock.