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Tue 19 Jun 2012 10:31 AM

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Drake & Scull wins Omani deals worth $26m

Dubai contractor picks up unnamed number of MEP contracts in sultanate

Drake & Scull wins Omani deals worth $26m

Drake & Scull International (DSI) has picked up a series of contracts in Oman, collectively worth $26m (AED96m).

The Dubai-based contractor did not elaborate either on the number of contract wins, the locations or the clients.

In a statement released to the Dubai Financial Market, DSI said that the deals included oversight of complete mechanical, electrical and plumbing (MEP), including design, supply, installation, testing and commission.

“The future developments in Oman represent an ideal opportunity for DSI to use its proven engineering technologies and regional experience – particularly in the MEP and Water and Power domains – to help expedite the growth of Oman’s construction industry,” Khaldoun Tabari, DSI’s CEO, said in the statement.

“Our latest set of contracts reflects our ability to serve multiple sectors and we are eyeing more ventures as Oman rolls out its development plans for the coming years.”

Last month, Tabari said that DSI was on the cusp of sealing its first Iraqi deal – a $300m pipeline contract in Basra.

In the first quarter, the contractor said net income for the first quarter of 2011 declined to AED37.6m (US$10.2m) from AED45.9m a year earlier amid rising expenses.

Revenue for the three months ending 31 March increased to AED777m from AED645m compared to the same period in 2011 while expenses rose to AED72m from AED62m, the firm said in a filing to the Dubai bourse.

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