TORONTO—Aecon Group Inc. has finalized a US$274 million deal to redevelop Bermuda’s L.F. Wade International Airport.
The Canadian construction company said it firmed up the contract with the Government of Bermuda and the Canadian Commercial Corp. (CCC) March 16 and expects to begin construction on the project shortly.
Under the terms of the deal, the Toronto-based company will build a new terminal at the island’s airport, modify the taxiway and intall a new aircraft refueling system. It will also convert part of the existing terminal to office space.
To avoid the costly procurement process, Bermuda sole-sourced the work to the CCC, a Canadian crown corporation that connects foreign governments with Canadian companies. Officially, the CCC will carry out the airport contract, but has subcontracted the entire project to Aecon.
Aecon said the airport should take just about three years to build.
Once it completes construction, the Canadian firm will manage the airport’s operations for a 30-year term.