China’s Shanghai Salvage-led consortium has been announced as preferred bidder for the salvage of Sewol ferry that sank off the island of Jeju more than a year ago.
South Korea’s Ministry of Oceans and Fisheries (MOF) has chosen the consortium over six other bidders based on their experience on similar tasks.
Reportedly, the Shangai Salvage consortia asked for USD 74.5 million to execute the project.
The work on Sewol, which caused the loss of more than 300 lives, is expected to start in September, once the MOF appoints the salvage company.
The Sewol ferry sank en route from Incehon to the island of Jeju with over 400 people onboard, mostly high school students.
Nine people are still missing, and are expected to be found inside the ship.