Drake & Scull clarifies on payments from Saudi Aramco

10/05/2017 07:52 AST

Drake and Scull expects to get a response soon from Saudi Aramco on some of the claims amounting to 1 billion Saudi Riyals, it said in a bourse statement on Tuesday. The company suggested that media had reported, quoting its chief executive officer Wael Allan, that they would receive the payments from Saudi Aramco "anytime soon."

The 2.03 billion riyals project was completed in 2012, according to DSI's website. Drake & Scull International chief executive in an interview with Reuters said on Monday the company is expecting to hear "very soon" on payments worth 1.05 billion riyals ($280 million) or almost half of the outstanding amount for the work it did on Saudi oil company Aramco's research project.

The company may consider all legal options including arbitration to recover the remaining amount for its work on King Abdullah Petroleum Studies and Research Centre (KAPSARC), DSI group chief executive Wael Allan had said. He added that all options were open. "We feel strongly that we are due some of these claims and we will pursue them to the end," he had said.

In a separate interview with Bloomberg Allan said the company expects to win between two and four contacts with a combined value of about Dh630 million, and that the awards could materialise within the next two months.

He added that the company will focus on the UAE and Qatar to rebuild after a Dh500 million ($136 million) injection from Tabarak Investment.

DSI shares were steady at Dh0.402 on Tuesday's trade in a flat Dubai market.


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