Following a dispute over cost overruns during the expansion of the Panama Canal, a consortium led by Spanish-builder Sacyr has said it has won a US$233 million settlement.
According to gCaptain, the lawsuit was originally for a $463 million claim over disputes relating to cement quality.
The Grupo Unidos por el Canal consortium said in a statement that it has been given six months to complete the project for the lock system of the canal – a ruling which was made by a resolution panel.
The consortium had previously filed claims totalling $2.3 billion over delays expanding the Panama Canal, which were necessary in order to allow larger vessels to sail through the canal.
The construction group is now expected to finish work by early 2016, with the deeper canal anticipated to begin operations in Q1 of 2016.
Panama Consortium in $233 Million Settlement. (Source: Journal of Commerce)
