Femern A/S: Statement on Chinese interest

Monday 29 October 2012, Berlingske presented an article entitled “Chinese interest can break up Fehmarnbelt consortia.”

It should be noted that the CEO of Femern A/S, Claus F. Baunkjær, gave the following statement to Berlingske on Thursday 25 October 2012 in connection with the newspaper’s inquiry into the matter:

“All contractors are inherently able to participate in the Fehmarnbelt project. But only if they meet all our requirements, including safety, environmental and working conditions.

“Interested companies must first apply to be pre-qualified; i.e. they need to be approved before they can even submit a bid. The process of pre-qualification started on 2 October this year and will be completed in spring 2013. During this phase, we are examining the technical and financial capabilities of the companies before they can be approved.

“The pre-qualified companies will then be able to compete for the four major construction contracts which are to be put out to tender later in 2013. At that time the contractors will prepare bids on the basis of a number of additional requirements that Femern A/S will set out for the execution of the construction work. Finally, Femern A/S will look at the bids in order to secure the best value for each of the four contracts.

“In March 2012, Femern A/S organised an Industry Day to which the whole of the international construction industry was invited. The aim was to give everyone the opportunity to familiarise themselves with the project; and more than 500 participants from 70 companies around the world took advantage of the offer. Since then, Femern A/S has not been holding individual meetings with construction contractors. The reason for this is both the wish and requirement to ensure that everyone is treated equally.

“CCCC and all other contractors can rightly see the Industry Day in March 2012 as a clear invitation to take an interest in the Fehmarnbelt project. That was actually the purpose of the event. It is of course also no disadvantage if international contractors work with Danish and German companies. But I’m not aware that CCCC also received a special invitation.

“In May 2012 CCCC made an approach to us via an email, in which they expressed their interest in the project. We replied by letter in which we referred to the pending pre-qualification, which began on 2 October this year. CCCC sent us another email in June 2012, asking to meet us, but we refused giving the clear reason that everyone should be treated equally.”

On the issue of funding:

“The financial model with state-guaranteed loans has been determined. It is a proven model that we have used with great success in Denmark – for the fixed links across Øresund and Storebælt. It gives us access to favourable financial terms, which will make it possible to realise the Fehmarnbelt project. The loans will be raised on the international capital markets. In this regard, Chinese lenders are also able to offer us loans on an equal footing with the rest of the global market. But this has nothing to do with the tendering of the construction project. It has been established that Fehmarn will be 100 per cent owned by the Danish state.”

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