Jan De Nul and Servimagnus Pre-awarded Hidrovía Contract

The joint venture between Belgian company Jan De Nul and Argentine firm Servimagnus is on the verge of securing a crucial contract for the dredging and buoying of the Vía Navegable Troncal (VNT), commonly known as the Hidrovía waterway. The government has pre-awarded the concession, signaling a significant step towards privatizing the waterway's operations.

Jan De Nul, which has managed the VNT's dredging for three decades, is set to continue its involvement through this new concession. The partnership, with Jan De Nul holding a 60% stake and Servimagnus 40%, represents a substantial investment of $10 billion, with projected revenues of $15 billion. This award comes after a period where Jan De Nul operated the VNT under state contract since 2022, following the involvement of its former partner, Emepa, in the "Cuadernos" corruption case. Emepa's chairman, Gabriel Romero, admitted to paying a bribe in 2010 to extend the concession, though Jan De Nul maintained it was unaware of the operation and distanced itself from Emepa.

The pre-award decision favored the Jan De Nul-Servimagnus bid, while dismissing the offer from DEME and deeming the bid from Brazil's DTA Engenharia "inadmissible." Jan De Nul Group, a family-owned company founded in 1938, has extensive experience in dredging and maritime infrastructure projects worldwide, including the Hong Kong International Airport and the expansion of the Panama Canal. The company operates four business units: offshore energy, dredging solutions, construction projects, and planet redevelopment.

The VNT contract is expected to involve an investment of $10 billion, with a minimum return of 6%. The previous state contract generated an $80 million debt, of which $35 million remains outstanding and could potentially be absorbed by the new concessionaire. The dredgers assigned to the Hidrovía are valued between $40 million and $50 million each.