Consortium reveals $1.5bn deal for Suez canal work
Four firms will combine to create second shipping lane; deepen waters
A consortium of four dredging contractors has picked up a $1.5bn dredging contract in relation to the new Suez Canal expansion project.
The four consortium members include Dutch firms Van Oord and Royal Boksalis Westminster alongside Abu Dhabi's NMDC and Belgium's Jan de Nul.
The four firms will embark on the construction of a new parallel section of the existing canal along a length of around 50km to allow ships to pass simultaneously in each direction. It also involves a deepening of existing sections to a depth of 24 metres.
Each of the four partners is entitled to an equal share of the contract - $375mn each. They will start the work, using 17 cutter suction dredgers, this year with a view to the project completing in 2015.