BK International Inc. has been awarded a $1.034 billion contract to salvage the wreck of the MV Barima, which has remained submerged off the Essequibo Coast since it sank in July.

The contract, issued through the Maritime Administration Department (MARAD) under reference 211/2026/34, is being executed on a "no cure, no pay" basis, meaning payment depends on the successful completion of the work.

BK International submitted the lowest of three financial bids when tenders were opened on September 8. Industrial Fabrication Inc. bid G$1.895 billion, while Netherlands-based KMS B.V. bid about G$2.035 billion.

The operation involves recovering and clearing the wreck from the Devonshire Castle Flats area. The vessel lies in about 13 to 15 metres of water, where poor underwater visibility, strong currents and tidal conditions present significant challenges.

The recovery is also expected to be important to the Commission of Inquiry established to investigate the tragedy. MARAD's requirements call for the vessel and relevant evidence to be preserved, including keeping the recovered vessel upright on a barge for examination.

The Commission said on Wednesday that negotiations relating to the salvage were still being finalised but could be completed within days, with work potentially starting this month.

The MV Barima sank on July 18 while travelling between Georgetown and Port Kaituma. A total of 73 deaths have been confirmed, while dozens of people remain unaccounted for. The Commission is expected to begin public hearings on October 14.