The joint venture led by Vinci and last year named as preferred bidder for the 2nd Coen Tunnel, in Amsterdam, has finally signed the concession contract.
Coentunnel Company BV comprises Vinci Concessions and the group’s subsidiaries CFE and Dredging International, as well as outside firms Dura Vermeer, Arcadis, Besix and TBI.
The JV signed the 30-year concession with the Dutch Ministry of Water and Public Works, or Rijkswaterstaat. Its successful bid valued the project at more than €500M (US$775M, up from US$680M when picked as preferred bidder a year ago due to currency effects).
Under the concession, the JV takes over the operation of the existing tunnel for a fee while constructing a new, immersed tube tunnel at its own cost. Once the new, eight lane road tunnel is operational the JV will receive a combined, single payment annually for both tunnels, the level depending on service availability.
The project is to be financed, designed, built, operated and maintained under the concession, which runs to 2037. The construction works are due to last approximately five years.
Last year, during the procurement process, there were delays in selecting the preferred bidder due to a question over contract conditions. Three prequalified JVs submitted tenders (T&TI, July 2007, p12).
