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Panama Canal Receives Proposals for Second Pacific Locks Access Channel Construction Project

Date: 15-NOV-2007

PANAMA CITY, Panama, November 15, 2007 - Continuing with the selection process under the Canal Expansion Program for the second of five dry excavation contracts, the Panama Canal Authority (ACP) officially received a total of eight bids from five countries yesterday. Submissions to perform the second dry excavation contract of the new Pacific locks access channel will be thoroughly reviewed and a winner will be determined in the coming weeks.

In a public ceremony before members of the ACP Board of Directors and the Ad-hoc committee, the latter created to attest contracting transparency; the ACP opened each bid submission and recorded the price proposals. After reviewing them, the proposal with the lowest bid amount that meets all of the project's criteria and needs, will be selected.

"We are impressed with the caliber of firms that have submitted bids for this crucial step for the historic Canal Expansion Program. The waterway's expansion continues to move forward according to plans, and we look forward to the successful execution of this important project," said ACP Board of Directors Chairman and Minister for Canal Affairs Dani Ariel Kuzniecky.

On September 18, the ACP released its tender (request for proposal submission) for the second of five dry excavation projects of the new Pacific locks access channel that will link the new third set of locks on the Pacific end of the Canal with the existing Gaillard Cut (the narrowest stretch in the Panama Canal). This project involves the removal of 7.5 million cubic meters in a stretch of approximately 2.4 kilometers, just north of where the new Pacific locks will be built.

The scope of work for the second dry excavation project also includes the construction of a new section of road and a new crossing over the Cocoli River, in addition to the removal and/or relocation of electrical utilities, telecommunication lines, water lines, sanitation lines, ducts and sewers.

The chart below shows the companies that submitted bids and their corresponding bid price.

 COMPANY  BUDGET 
 1.   Consorcio Condor Proimpetrol (Colombia)  $42,455,577.54 
 2.   Consorcio  Masering Cromas  (Colombia)  $30,564,475.00 
 3.   Consorcio Conalvías Retraneq (Panama-Colombia)  $37,492,853.18
 4.   Consorcio M&S MECO Santa Fe (Panama-Costa Rica)  $40,986,400.04
 5.   International Underground Corp. (United States)  $61,745,339.00
 6.   Consorcio Cilsa Minera María (Panama-Mexico)  $25,489,200.30
 7.   Consorcio ICA Panamá - ICA CV (Panama-Mexico)  $45,822,242.77
 8.   Constructora Urbana S.A. (Panama)  $30,913.000.00

                (Note: All prices listed in U.S. dollars.)

Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP's Web site: http://www.pancanal.com/. For Panama Canal video, please visit www.thenewsmarket.com/panamacanal.


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