China-Led Consortium Selected for Sewol Salvage

South Korea has chosen a China-led consortium as the popular bidder for a multi-million greenback contract to lift the sunken Sewol ferry.

South Korea’s Ministry of Oceans and Fisheries introduced Wednesday {that a} consortium led by China’s state-run Shanghai Salvage and involving South Korean-based Ocean C&I has been chosen to maneuver ahead with negotiations for the contract to lift the vessel.

The Shanghai consortium beat out six others competing for the tender with a bid of 85.1 billion received ($74 million). Consortiums led by China’s Yantai Salvage and the U.S. agency Titan Salvage had been subsequent consistent with bids of 99 billion received and 99.9 billion received, respectively. Only one of many consortiums was disqualified as a result of it was decided that it lacked the technical experience for the job.

Before work can start, South Korea and the Shanghai consortium nonetheless have to agree on the strategy to lift the vessel and detailed phrases and circumstances earlier than a last contract is signed.

The consortium’s plan requires the sunken ferry to be refloated by only some meters so it may be moved onto a metal platform that may then be lifted to the floor.

The Sewol ferry sank April 19, 2015 close to Jindo, South Korea with the lack of greater than 300 lives, most of them highschool college students on a category journey. The wreck lies at a depth of 44 meters.

The South Korean authorities made its determination to salvage the vessel in April after a authorities committee concluded that it might be technically doable. The authorities has mentioned it hopes to start the work in September.