30.07.14
TfL hands Cubic a new £660m Oyster contract
Transport for London is to continue its long-running partnership with Cubic, having selected the fares and ticketing giant for its Electra contact, worth £660m over 10 years.
The contract covers the maintenance and availability of ticketing and fare collection equipment on 8,500 buses, 1,900 ticket gates at London Underground and London Overground stations, 1,800 stand-alone validators including on the DLR, 1,600 ticket machines and at the 250 National Rail stations where card readers are located.
Matthew Hudson, TfL's Customer Experience head of business development, said: “After a strong competition, I am confident we have selected the right partner in Cubic who will continue to deliver the high levels of service our customers expect and innovative solutions to make their journeys better.”
TfL says the new contract saves £11m a year to reinvest in improving London's transport.
The other bidders were LG CNS Co Ltd and Scheidt & Bachmann GmbH.
The contract begins in August 2015 for a term of seven years with an early exit option at five years and extension options of up to three years.
Roger Crow, managing director at Cubic Transportation Systems, said: “The period covered by the Electra contract will see exciting opportunities presented by new technology as well as significant challenges as the population of London continues to grow. We are ever mindful of TfL's public service obligations and would like to reiterate the complete commitment of the entire Cubic team to delivery in each and every respect.
“Each member of our team, both here in the UK and around the world has contributed to our work with TfL and I am extraordinarily proud of what we have achieved.”
Cubic Transportation Systems Limited is a subsidiary of San Diego-based Cubic Corporation.
(Pictured, left to right are: Andy Barrie, Head of Infrastructure Operations, TfL; Bradley H Feldmann, President and CEO, Cubic Corporation; Shashi Verma, Director of Customer Experience, TfL; Steve Shewmaker, President, Cubic Transportation Systems; Roger Crow, Senior Vice President and Managing Director, EMEA, Cubic Transportation Systems)
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