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Monday, 8 May 2017

UPDATE 1-Dubai's Drake & Scull expects to hear soon from Aramco on outstanding claims | Reuters

UPDATE 1-Dubai's Drake & Scull expects to hear soon from Aramco on outstanding claims | Reuters:

"Loss-making Dubai contractor Drake & Scull International said it expects to hear "very soon" from Saudi Aramco about settling nearly half of outstanding payments owed for its work on Riyadh's King Abdullah Petroleum Studies and Research Centre. Drake & Scull (DSI) has five claims outstanding with Aramco totalling 2.3 billion riyals and hopes to soon settle 1.05 billion riyals of them, DSI Group Chief Executive Wael Allan told Reuters. If the matter is not settled, Allan said DSI may consider all legal options including arbitration to recover the remaining amount for its work on the research centre (KAPSARC), which cost $543 million to build and opened in 2016."



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