Drake & Scull seeks response from Aramco on SAR1bn dues

The outstanding payment in question is for a project worth SAR2.03bn ($541.21mn), which was completed in 2012

Image for illustration only.
Image for illustration only.

Drake and Scull International (DSI) expects to get a response soon from Saudi Aramco on some of the claims amounting to over SAR1bn ($266.6mn), the regional construction major has said in a bourse statement, according to Gulf News.

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 outstanding payment in question is for a project worth SAR2.03bn ($541.21mn), which was completed in 2012, according to DSI’s website.

DSI chief executive in a recent interview with Reuters has said the company is expecting to hear “very soon” on payments worth SAR1.05bn ($280mn) or almost half of the outstanding amount for the work it did on 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), Allan had said.

He added that all options were open for consideration. “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 AED630mn ($171.52mn), 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 an AED500mn ($136mn) injection from Tabarak Investment.

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