South Koreas Daewoo Engineering & Construction is the low bidder for the construction contract covering the western breakwater at Iraqs Grand Faw port.
A total of four contractors are vying to win the deal, following the opening of financial offers on 7 August. Bids were submitted in mid-July. A contract award is expected in the first half of September.
The deal covers the construction of a western breakwater on the Al-Faw peninsula facing the Khor Abdullah channel, about 100 kilometres southeast of Basra.
Daewoo has submitted a price of about 521m ($688.5m). The second-lowest bidder is Greek firm Archirodon with a price of about 541m.
The remaining two bidders were the Netherlands Van Oord with a price of 680m and South Koreas Hyundai with a bid of 790m.
Potential bidder Netherlands-based Royal Boskalis Westminster has been excluded from the bidding process, and the Iraqi Transport Ministry has declined to give a reason for the decision as yet.
The scope of works includes building a breakwater 13,800 metres in length and a secondary 1,600 metre-long breakwater. It also includes the extension of an existing breakwater.
The contract forms part of a wider scheme to expand the ports infrastructure and develop Basra into a regional trade and logistics hub.
Last November, Archirodon was awarded the $264.8m deal for the design-and-build contract of the eastern breakwater at Grand Faw port. Construction has started on the project and is expected to be completed in mid-2014.