Cayman Islands Government Crest

July 31, 2019

Presentation at Press Conference announcing preferred bidder for the CBF

Support Our Port
  • Jobs and income for Cayman families
  • Trusted developer and partners
  • An excellent funding deal
  • Minimised impact on the environment
  • Best practice in procurement
Procurement Timeline
  • 15 May 2017 – Pre-qualification started
  • 28 July 2017 – Pre-qualification closed, 11 submissions received
  • 30 November 2017 – Nine of these 11 were invited to Submit Outline Solutions
  • 16 March 2018 – Deadline for submission of Outline Solutions, five submissions received
  • 30 November 2018 – Three of the five were invited to Submit Final Tenders
  • 31 May 2019 – Deadline for submission of Final Tender, 1 bid received
Evaluation Methodology
Bidders were evaluated on the following criteria:
  • Financial
  • Technical
  • Risk Management
  • Environmental
  • Legal
  • Price
Bid Analysis
  • Sole Bidder received a Pass on all Pass/Fail criteria
  • Sole Bidder received a total score of 78.18/100
  • Financial and Technical sections were comprehensive and detailed
Preferred Bidder
Verdant Isle Port Partners
  • McAlpine Ltd.
  • Orion Marine Construction
  • Carnival Corporation
  • Royal Caribbean Cruises Ltd.
Project will be financed by a 60/40 debt to equity ratio. Financing will be provided by First Caribbean International Bank (Cayman) Ltd. as lead arranger.

Concept Design

Pedestrian View

Cross Section View

Preferred Bidder
Per Passenger Fee Current Amount (US$) New Amount (US$)
CIG 7.32 (CI$6.00) 5.00
PACI 3.00 3.00
EPF 1.95 – year round vessels
3.90 – seasonal vessels
1.95 – year round vessels
3.90 – seasonal vessels
ProjectCo 8.05 – year round vessels
6.10 – seasonal vessels
Total 18.00 – year round
Compliant Bid – CI$229.066
Two Value Proposals:
  • Alternative Option 1 – CI$207.908M
  • Alternative Option 2 – CI$196.529M
Next Steps
  • Finalization of Reserve Matters with Preferred Bidder
  • Recommence EIA process
  • Early Works Agreement
  • Caucus Presentation on contract award
  • Cabinet consideration of contract award