Aecon: ‘Will Continue To Work Collaboratively’

March 1, 2018 | 23 Comments

“The Premier has articulated various concerns and we will continue to work collaboratively through them,” Aecon’s Steve Nackan said, adding that the “airport agreement provides a solid platform for us to continue making great progress in delivering a world-class airport Bermuda can be proud of – on time, on budget and without increasing Bermuda’s debt or impacting its credit rating.”

This statement follows after Premier David Burt released the airport deal agreement report, saying “we will work through this bad deal and do all that we can to realize some good for the people.”

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Aecon Concessions President Steve Nackan said, “The Premier has articulated various concerns and we will continue to work collaboratively through them.

“However, we are pleased to see that global independent P3 experts, LeighFisher, has found that the agreement is balanced and consistent with industry norms, that all key financial metrics are well within market range and that airport revenues are being appropriately managed and used strictly to pay for airport construction, operations and maintenance as well as the servicing of investments.

“With regard to the noted absence of a variation procedure, as LeighFisher finds, the inherent difficulty in privately financing an airport with fewer than 1 million passengers and a history of traffic decline resulted in a complex financing structure which inhibited changes to the agreement. In any event, variation procedures in P3 contracts only exist to enable small, technical improvements that are paid for by the client.

“The LeighFisher independent review was as comprehensive as we’ve seen. There have now been numerous independent reviews of the agreement, by multiple independent global experts and by the well-respected members of the Blue Ribbon panel, and they have all concluded that the agreement is balanced and consistent with industry norms. Every client has the right to conduct as many reviews as it wishes; that is not our decision.

“The airport agreement provides a solid platform for us to continue making great progress in delivering a world-class airport Bermuda can be proud of – on time, on budget and without increasing Bermuda’s debt or impacting its credit rating.”

The LeighFisher Review of the Airport Agreement follows below [PDF here]:

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Comments (23)

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  1. Onion says:

    Burt is STILL lying even after his own report contradicted him.

    • agatha christie says:

      According to Fahy, the PLP were invited to meetings where the cost of cancelling the contract etc was outlined – so Burt et al knew all about this …

    • We gave away an airport for 30 years, and when Aecon dont get their annual $30 Million quota, we will make up the difference.
      Bad deal.

      • Anbu says:

        There truly is no fixing stupid is there oj? We have given away nothing. But considering u just lap up everything the pee el pee says without any issue whether its a good or bad idea, whats your thoughts on them cutting fin assistance?, sugar tax maybe? Good ideas all of a sudden huh? Typical

      • Sickofantz says:

        Oh Dear we made our seniors illegally block the democratic process and now we have kind of got to keep calling this a bad deal even though 3 reviews have stated that this is a completely normal deal within industry norms and backed by experts. Can’t wait for mr Burt to announce. “The bad deal airport has been finished on time” The bad deal airport has finished without cost overruns and the bad deal airport looks beautiful.”

      • The real Terry says:

        Onion Juice there is a saying that even duct tape can not fix stupid but it does help muffle the sound. I think that was coined by someone who knew you very well.

  2. Jared says:

    Crickets from the PLP haters lol. This report and all other reports make the PLP sound very weak, childish, and like a bunch of complainers. They basically complained their way into office.

  3. sandgrownan says:

    So, Aecon basically saying *sigh*…”alright, keep calling it a bad deal, keep saying it doesn’t make it true….isn’t this tiring…meh”

  4. Born n raised says:

    Oh… but isn’t David Burt far more intelligent than both the blue ribbon panel and LeighFisher, “Global leaders in providing strategic planning advice and technical expertise to the Aviation, Infrastructure and Government, and Surface Transport industries?”

    While i know him well and like him personally…..what a dreamer

    • wahoo says:

      Burt probably knows it is a good deal but cannot and will not admit it because then he would have to explain it to OJ and all the grannies that got pepper sprayed. Explaining something to OJ would be a daunting task but the grannies have walking sticks and umbrellas!

  5. Micro says:

    It’s a bad deal because there’s no way the PLP can get their fingers in the pot.

  6. puzzled says:

    They can’t complain their way out of the debt they put us in.

    Happy March.

  7. Joe Bloggs says:

    Ok, something does not make sense here.

    Our Premier says “However, we are pleased to see that global independent P3 experts, LeighFisher, has found that the agreement is balanced and consistent with industry norms, that all key financial metrics are well within market range and that airport revenues are being appropriately managed and used strictly to pay for airport construction, operations and maintenance as well as the servicing of investments.”

    But then he also says “we will work through this bad deal and do all that we can to realize some good for the people.”

    So which is it, an agreement that is balanced and consistent with industry norms or a bad deal?

    — reading it wrong, your 1st para, Aecon said!

  8. inna says:

    I bet you that was the first time Nackan has had to make a statement like that one!

    Welcome to the new Bermuda i guess??

  9. nerema says:

    Perhaps we should get an independent review of Burt’s ability to make coherent decisions about the wisdom of commissioning reviews. At least that would be money well-spent.

  10. Andrew says:

    As has been said…plp will never admit this as a good deal after all the fight they put up to stop it. But they will be there all smiles to cut the ribbon i can assure you. I am also surprised to come in to the arrivals hall and still see mention of Americas Cup. If it was soo bad for Bda why hasnt the new Gov. taken all signs of it down by now? Bunch of jokers.

  11. gotta keep spinning it says:

    The Premier knows this is a good deal for the country. The PLP are pissed that they didn’t do it themselves and they just don’t have the political matrity at this point to accept the good things that have been done and to do good themselves and speakof their own accomplishments.

    Its just really morale busting how the PLP continues to divide and rip we Bermudians apart–

    Time to grow up bouys and girls..

    Blessings brethren!

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