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Monday, 20 October 2014

Dredging consortium win $1.5bn Suez expansion contract

A consortium comprised of Dutch dredging companies Boskalis and Van Oord along with Abu Dhabi’s NMDC and Belgium’s Jan de Nul will carry out a $1.5 billion expansion project on the Suez canal.

The contract was awarded by the Suez Canal Authorities and each partner will take an equal share of $375 million.

The project will require construction of a parallel section of the canal with a length of approximately 50 kilometres to allow ships to simultaneously transit in two directions. Dredging will be executed by a fleet of 17 cutter suction dredgers with widening and deepening of existing sections to a depth of 24 metres

“Boskalis' strategy is aimed at benefitting from key macro-economic factors which drive worldwide demand in our markets: expansion of the global economy, increase in energy consumption, global population growth and the challenges that go hand in hand with climate change,” Boskalis said in a statement.

The project will commence in 2014 and is expected to be completed in 2015.

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