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GUPC to Restart Panama Canal New Locks Works on February 20

Date: 19-FEB-2014

Panama City, Panama, February 19, 2013 - The new locks contractor Grupo Unidos por el Canal, S.A. (GUPC) accepted Panama Canal Authority's (ACP) repeated request and agreed tonight to restart on Thursday, February 20 the construction of the Third Set of Locks project.

GUPC is formed by companies Sacyr Vallehermoso, S.A (Spain), Impregilo, S.p.A. (Italy), Jan de Nul Group (Belgium) and Constructora Urbana, S.A. (CUSA) (Panama).

As soon as works are resumed, ACP will pay GUPC $36.8 million for December invoices to ensure that GUPC cancels pending payments and obligations to suppliers.

Additionally, the parties agree to discuss in the next 72 hours other points such as the dates for the delivery of the gates, an implementation schedule for the remainder of the works, a timetable of repayment moratorium and other key aspects for the project's development.

The decision was made today during telephone conversations between the ACP and the CEOs of the companies in the consortium, but there are still some issues on which an agreement has not been reached.

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. Please refer to the ACP's website: http://www.pancanal.com/ or follow us on Twitter @thepanamacanal.


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