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Panama Canal Authority Awards Gatun Lake Dredging Contract to Dredging International N.V.

Date: 07-JUN-2010

PANAMA CITY, Panama, June 7, 2010 - The Panama Canal Authority (ACP) announced today that Dredging International N.V. has been awarded the contract to dredge an area of the Panama Canal's manmade body of water, Gatun Lake. The dredging project is another integral element of the Canal's Expansion Program.

"We are pleased with the competition for this contract for which several premier dredging firms from around the world submitted proposals," said ACP Executive Vice President of Engineering and Program Management Jorge L. Quijano. "The ACP has partnered with Dredging International N.V. in the past and we are confident in its proven expertise to deliver this important component of the Expansion Program. Not only has the ACP benefited from a competitive price that is within the estimated budget, but it is also assured of an effective, high quality execution."

The primary element within the scope of work for this contract is to widen and deepen the existing navigational channel by dredging approximately 4.6 million cubic meters in the northern most reaches of the Lake. This contract is one component within the ACP's Fresh Water Dredging and Excavation Project for the Canal Expansion, which includes the dredging and/or excavation of about 30 million cubic meters in Gatun Lake and the Gaillard Cut (the narrowest stretch of the Panama Canal).

After a thorough review of the lowest priced proposal, the ACP awarded the contract to Dredging International N.V. for $39,983,822.82.

The chart below provides the names of the companies that submitted bids June 1 with their corresponding bid prices in U.S. dollars.

COMPANY

BID PRICE

Dredging International N.V.

$ 39,983,822.82

China Harbour Engineering Company (CHEC)

$ 67,377,423.00

Boskalis International

$ 85,500,207.49

Great Lakes Dredge & Dock

$ 72,392,354.34

Van Oord

$ 97,998.256.97

Jan De Nul

$ 57,856,939.00


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/. You can also follow us on Twitter: http://twitter.com/thepanamacanal.


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