Panama Canal expansion contract awarded
The Panama Canal Authority took one step closer to breaking ground by awarding the first contract for its expansion to Constructora Urbana S.A.
The Panamanian company won with a low bid of $41 million for the first dry excavation of the new Pacific Locks access channel.
A total of 10 groups — some multinational — submitted bids for the job. A U.S. company, Jay Cashman, submitted a high bid on early $90 million for the work. Other participants were from Mexico, Italy, Brazil and Colombia.
The contract is just the first step in a project that is expected to eventually cost as much as $5.25 billion.
Panama Canal expansion contract awarded
