Panama Canal awards excavation contract
The Panama Canal Authority has named Costa Rican firm Constructora MECO S.A. as the winning bidder for the third phase of excavation to create a channel as part of the Panama Canal expansion, according to an official announcement.
The low-bid award comes two weeks after canal managers received six offers to create an access channel linking a new set of Pacific Ocean locks with the Gaillard Cut, the narrowest stretch of the canal.
Constructora MECO's $36.6 million price was about $1.5 million less the next lowest bid.
The canal expansion project is expected to be completed in 2014, enabling more and larger vessels to transit the waterway.
Panama Canal awards excavation contract
