Three companies have submitted bids to salvage the wreck of the MV Barima, nearly two months after the ferry sank off the Essequibo Coast.

Tender documents show B.K. International submitted the lowest bid, at just over $1 billion.

Industrial Fabrication Incorporated bid approximately $1.9 billion, while Netherlands-based KMS B.V. submitted the highest offer, at just over $2 billion.

The bids were opened on September 8 for the Maritime Administration Department.

The salvage is being pursued on a "no cure, no pay" basis, meaning payment is generally tied to the successful recovery of the wreck.

The MV Barima sank on July 18 off the Essequibo Coast, triggering a massive search and recovery operation. More than 70 bodies were eventually recovered, while dozens of people were rescued. Dozens are still missing.

The wreck has remained at the site after authorities discontinued recovery operations and began the process of finding a company to remove it.

The bids will now have to be evaluated before a contractor is selected.