A construction consortium from Spain, Mexico and Costa Rica has outbid three other competitors for the second-largest contract awarded in the Panama Canal’s $5.2-billion Third Lane Expansion effort, eclipsed only by the price tag for design and construction of the waterway’s new locks. Photo: Panama Canal Authority Dam Structure (center in green) will be built due to water level differences in new channel, which is part of the canal expansion. Fomento de Construcciones y Contratas S.A., along with Mexico’s Empresas ICA and Constructora MECO of Costa Rica, submitted a bid of $268 million for the fourth and final contract to
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.