The project is being implemented under a framework agreement between the Government of Bermuda and the CCC. Commercially, it is being delivered using the P3 business model. Aecon is the private sector partner and is responsible for the project’s development, financing, and long-term operation and maintenance. CCC will deliver a new world-class airport terminal and associated infrastructure under a fixed price, date guaranteed design and construction contract.
Before the project began, Aecon launched Bermuda Skyport Corporation Limited – a special purpose Bermudian company wholly owned by Aecon Concessions – to manage and coordinate the overall delivery of the project, and to operate and maintain the airport until 2047. Since its launch in March 2017, Skyport has assumed all existing airport operations, maintenance and commercial functions.
When the project reached financial close in March 2017, the entity formerly known as DAO ceased operations, and the majority of its staff accepted employment with Skyport. The Government of Bermuda introduced the Bermuda Airport Authority (BAA) to oversee Skyport’s operation of the existing airport and overall performance under the agreement. By taking over a publicly-managed asset that was previously run by government agency DAO, Aecon Concessions took on the responsibility of overseeing an existing team of experienced (and former) DAO managers and staff, bolstered by new hires, to increase and improve the existing airport’s operations.