A construction team led by Spanish contractor Sacyr Vallehermoso SA has won the Panama Canal expansion’s largest contract to date, the design-build job to build a third set of locks on both the waterway’s Atlantic and Pacific openings.
The team, which includes two U.S. engineers, proposes to construct the locks, a job estimated by owner Panama Canal Authority (ACP) to cost $3.48 billion, for $3.12 billion, ACP said on July 8.