Panama Canal Authority Finalizes Deal for Third Set of Locks

Panama Canal Expansion

The Panama Canal Authority (ACP) and the consortium Groups Unidos por el Canal (GUPC) signed on August 1st the variation incorporating to the original contract the agreement reached in March for completion of the Third Set of Locks project.

 
“What remains now is to continue working with the commitment to complete the Expansion which is currently at a 78% progress,” said ACP Administrator Jorge L. Quijano.

The Expansion Program registers an overall progress of 78%, while the new locks project is currently 73% complete.

The consortium GUPC is formed by Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul Group (Belgium) and Constructora Urbana, S.A. (CUSA) (Panama).Panama Canal Authority Finalizes Deal for Third Set of Locks1

The parties signed in March a Memorandum of Understanding (MoU) establishing the framework for the completion of the Third Set of Locks project.

GUPC suspended work on the locks in February, due to a “cash-flow crisis” arising from $1.6 billion in cost overruns, which, according to GUPC, should be covered by the ACP.

According to ACP, the incorporation of this variation does not include any payment for cost overruns or claims. GUPC’s claims must be processed following the mechanisms established within the contract.

The project is expected to be complete by December 2015.

Press Release, August 4, 2014; Image: ACP

Share this article

Follow World Maritime News

In Depth>

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >