Drake & Scull International (DSI) has won a Dh1.3 billon (US$353.9 million) pipeline construction contract in Iraq, intended to service one of the world's largest oilfields.
The builder based in Dubai was awarded the contract for half of the value of the oil and gas project at the Zubair oilfield as part of a joint venture with Sicim of Italy.
The contract is the first big win for DSI's newly established oil and gas operations.
DSI's pipeline project is due for completion by July 2014, said Khaldoun Tabari, the company's chief executive. "The Iraqi construction market offers massive potential in areas such as oil and gas," he said.
"Our work on the Zubair oilfield marks an important milestone for DSI and will optimise our exposure and market reach to the oil and gas domain". The company's stock rose 0.2 per cent to 84.2 fils per share in trading yesterday following the announcement.
Iraq's cabinet awarded the contract on Wednesday. The two-year contract can be extended by a year, Ali Al Dabbagh, a state minister, told Bloomberg News.
The Zubair field, near Basrah, is expected to produce 1.2 million barrels of oil per day by 2017, according to official estimates.
In May, Mr Tabari said the contract would generate about $300m in revenue for the company.
Although the sums of money were relatively small compared with DSI's backlog of Dh7.4bn, the deal is a good strategic move, said Loic Pelichet, an analyst at NBK Capital.
"It's their entry point into oil and gas and also into Iraq. From a strategic perspective, it's a very good deal," he said.
Working on one of the world's biggest oilfields in partnership with Sicim, which has a 50-year track record in the industry, will put DSI in a good position to ensure future growth.
"They'll learn a lot and that'll stand them in good stead," Mr Pelichet added.
Eni, Occidental Petroleum Corporation and Korea Gas Corporation signed a contract in 2010 with Iraq's state-owned South Oil Company and Missan Oil Company to redevelop the field.
ghunter@thenational.ae
The specs
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The%20specs
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Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
SUZUME
%3Cp%3EDirector%3A%20Makoto%20Shinkai%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Nanoka%20Hara%2C%20Hokuto%20Matsumura%2C%20Eri%20Fukatsu%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
