Dubai – Mubasher: Drake and Scull International (DSI) expects to “very soon” hear from Saudi Aramco regarding five outstanding claims worth SAR 2.3 billion ($613 million), mainly regarding work conducted on Riyadh's King Abdullah Petroleum Studies and Research Centre, Reuters reported on Monday.
DSI group chief executive Wael Allan told the agency that the company hopes to settle SAR 1.05 billion ($279 million) of the outstanding payment, and that it may consider legal options regarding recovering the remaining amount for the $543 million research centre project, in case the matter is not resolved.
"All options are open. We feel strongly that we are due some of these claims and we will pursue them to the end," Allan declared, as investors are wary about DSI’s losses and capital restructuring plans.
The UAE company’s losses reached AED 992 million ($270 million) in fiscal year 2016, leading it to put non-core assets up for sale and cut the workforce by a third to 21,000.
DSI’s total outstanding claims amount to AED 4 billion ($1 billion), for which it has focused on and enhanced payment collection over the past few months.
