Panama Canal Expansion Update

Panama Canal Expansion Update:

Atlantic Dredging Contract Maintains Momentum

http://www.pancanal.com/

MEETS WITH BIDDERS; EXTENDS PROPOSAL DEADLINE

PANAMA CITY, Panama, April 30, 2009 - The Panama Canal Authority (ACP) held a site visit and pre-bid conference this week to discuss the Atlantic Entrance Dredging Project under the waterway's Expansion Program.

International dredging and excavation contractors, and equipment and service providers participated in the two-day event. Held April 29-30, it included a tour of the future Atlantic dredging and excavation areas, as well as the designated in-land disposal sites and a meeting where the ACP provided details on the project, including information on the extended proposal deadline.

On February 27, the ACP released its request for proposals (RFP) for the Atlantic dredging. In response to bidder requests, the ACP provided a two-week extension to June 30 for a geotechnical study and evaluation in Canal waters. As such, the ACP also extended the proposal due date from July 15 to July 30.

This project is an essential part of the Canal's expansion to ensure that larger, wider ships can reach the new locks. It lowers the Canal bottom to 15.5 meters below the mean sea level and includes the dredging of approximately 15 million cubic meters and 800 thousand cubic meters of dry excavation.

The ACP will award the Atlantic dredging contract to the lowest bidder complying with all the contract requirements. This dredging project's expected completion date is during the second quarter of 2013.

About the Panama Canal Authority The Panama Canal Authority (ACP) is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The ACP is governed by its organic law and the regulations approved by its Board of Directors. For more information, please refer to the Panama Canal Authority's Web site: http://www.pancanal.com/.