A ship lift project in Darwin in Australia's Northern Territory is now expected to cost approximately AU$820 million (US$530 million), more than eight times its initial estimate of AU$100 million (US$65 million).
Local media outlet NT News said the Darwin ship lift project is now being investigated by an NT Government committee due to delays and significant cost overruns.
The project originally had a scheduled completion of late 2024.
The government committee has begun conducting an investigation into the project's financial management to identify the reasons for the delays and the rising associated costs.
The NT Government had earlier assured that the project will continue even as its costs have already grown considerably, though alternative options are now reportedly being explored regarding the work that needs to be undertaken.
The Clough BMD joint venture, which is responsible for the construction of the ship lift, announced in June that works are continuing, with dredging having already reached the 50 per cent mark and the first caisson template having been successfully lowered into place, thus allowing for the commencement of sheet pile driving operations to construct the facility's seawalls.
According to Clough BMD, the Darwin ship lift facility is designed to accommodate maintenance and servicing for a range of commercial and private vessels from the fishing, oil and gas, and other marine industries once it becomes operational.
The facility will also be used to service vessels operated by the Australian Defence Force and the Australian Border Force.