And when a project has some incentive (often financial penalty when deadline are not respected), company will give unrealistic deadlines to win the contract and then just run the penalty has normal cost of the projects. I know some project that had years of delay and were still profitable for the private company.
Obviously it's not always the case, but having work for both a state owned company contracting private contractor and for a private contractor seeking public contract, it has certainly made me not optimistic about any projects funded by public money.