MEP works valued at QAR 125 million for Drake and Scull
Drake and Skull Qatar (DSQ), has announced that it has been awarded a QAR 125 million MEP contract for MEP work at Ras Laffan Industrial City, Qatar.
The project is the first phase of Qatar Petroleum’s administration complex, 70 km north of Doha.
Said to be completed in August 2013 DSQ – a local entity of Drake and Scull International (DSI) — has said it hopes to capitalize on what has already been a successful year.
“This contract marks a great start for DSI this year as it positions us within one of Qatar’s most strategic economic areas. It also sustains our strong performance achieved in 2011 and enables us to demonstrate the efficiency and quality of our services in a broad industrial setting. Moreover, we are excited to perform work for Qatar Petroleum, the third largest oil company in the world,” Khaldoun Tabari, CEO of DSI said.
Last year DSI and its various specialist divisions won contracts in the UAE, Kuwait and Saudi Arabia, eventually posting a 77% YOY net margin growth on 2010. Quarterly revenues reached AED 847 million and net income stood at AED60 million.
“We have achieved a strategic mile stone in the Qatari market; our civil contracting unit is now operational and has been qualifying for competitive bids across the residential and hospitality industries and we expect the civil business to contribute significantly to the growth of DSQ in 2012,” added Saleh Muradweij, executive director.