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ACP and New Locks Contractor Incorporate Agreement to Complete Expansion

Date: 01-AUG-2014

Panama City, Panama, August 1, 2014 - The Panama Canal Authority (ACP) and the consortium Groups Unidos por el Canal (GUPC) signed today the variation incorporating to the original contract the agreement reached in March for completion of the Third Set of Locks project.

"What remains now is to continue working with the commitment to complete the Expansion which is currently at a 78% progress," said ACP Administrator Jorge L. Quijano.

The Expansion Program registers an overall progress of 78%, while the new locks project is currently 73% complete.

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

The parties signed in March a Memorandum of Understanding (MoU) establishing the framework for the completion of the Third Set of Locks project.

This incorporation of this variation does not include any payment for cost overruns or claims. GUPC's claims must be processed following the mechanisms established within the contract.

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. For more information, please refer to the ACP's website: http://www.pancanal.com/. You can also follow us on Twitter @thepanamacanal.


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