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Panama Canal Selects Deloitte as Auditor for New Set of Locks Contract

Date: 10-FEB-2009

  • PROPOSALS TO BUILD NEW LOCKS DUE MARCH 3, 2009
  • ACP COMMITTED TO A FAIR, RIGOROUS AND TRANSPARENT SELECTION PROCESS

PANAMA CITY, February 10, 2009 - In a move to ensure a fair, open and transparent process in the awarding of the largest contract under the Panama Canal Expansion Program, the Panama Canal Authority (ACP) today selected Deloitte as the ACP's new third set of locks contracting auditor.

In that capacity, Deloitte will oversee the technical aspect for the new third set of locks contract. Specifically, Deloitte will work closely with the ACP to audit, verify and certify that the ACP's Evaluation Committee follows the rigorous analysis process to evaluate the technical proposals to be submitted by the qualifying consortia.

"All ACP contracts undergo a very rigorous process to ensure fairness and transparency," said Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta. "As the most important contract under the Canal Expansion Program, the ACP has taken additional measures to ensure that the contracting process is airtight, complies with Panamanian law, and is managed by experts and audited by a third party to certify thoroughness and transparency."

On March 3rd, the qualified consortia - containing more than 30 companies - will submit their proposals to design and build the new set of locks that will constitute the core of the Canal's new lane of traffic.

The ACP has put in place a sophisticated process to select the winner for what will be the largest contract under the $5.25 billion program. The selection process will build off the ACP's already comprehensive expansion contracting process and will ensure a fair, rigorous and transparent selection. The process will be detailed in the coming weeks. 

Upon receiving the consortia submissions, the ACP will separate the proposals into two portions - price and technical proposals. The price proposals will be moved to an independent and secure environment and will not be reviewed until the technical proposals have been evaluated and points computed. 

Deloitte was selected in an open process; where Ernst & Young and PricewaterhouseCoopers were also invited to participate.

The members of the prequalified consortia are Consorcio C.A.N.A.L.; Consorcio Atlántico-Pacífico de Panamá; Consortia Bechtel, Taisei, Mitsubishi Corporation; and Consorcio Grupo Unidos por el Canal.

As referenced above, the ACP will release more information detailing the review and evaluation process of the proposals as the submission deadline nears.

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/.


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