Posted on September 11, 2017
Penta-Ocean Construction (Penta-Ocean) has received an order from a consortium comprising Sumitomo, Toshiba and IHI to construct a large port in southern Bangladesh.
The order, which was announced by the Japanese construction company in August and costs around $1.5bn, is the biggest contract Penta-Ocean has individually received to date.
The consortium had agreed on a $4.6bn deal with a Bangladeshi utility to work on a coal-fired power plant and a nearby port in the Matarbari district.
Penta-Ocean’s work will involve dredging a 14 kilometre access channel for cargo ships carrying coal and dealing with land reclamation plus other power plant location preparations.
The company has already implemented temporary channel dredging and other preparatory tasks for the project, wrapping up the work in April.
Penta-Ocean said that this factor helped it win the full order.
The construction enterprise’s business plan, which runs through March 2020, wants to secure $1.4bn worth of annual overseas orders.
A major part of the plan involves building up the company’s presence in emerging countries.
The company’s work is scheduled to last from September until January 2024.
Source: portstrategy
