The tender from a consortium of OAS, Hyundai, Systra, Aas-Jakobsen came in at US$680 million, which is about US$2 million below the limit set in the bidding process. In addition, the consortium will build the bridge more quickly than originally envisaged. The bid gives a project time of 2,379 days, equivalent to 79 months rather than the original 84 months.

Eight teams had prequalified to submit tenders for the scheme.

Minister of public works, Loreto Silva said: "We are very pleased that both the technical and financial bid is within the requirements, which were very demanding. Finally, after more than 50 years Chilotes will be able to fulfill the dream of being connected to the mainland by a bridge."

The crossing will be a suspension bridge with a length of over 2,600m.