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Carillion worried for Oman as oil prices fluctuate

CEO Richard Howson says he is "watching Oman with interest" since it has "more exposure to the oil price" than Carillion's other Middle Eastern markets

Carillion has expressed concerns about its operations in Oman. [Representational Image]
Carillion has expressed concerns about its operations in Oman. [Representational Image]

British construction firm Carillion has expressed its concerns regarding expansion in the Middle East following uncertainties in global oil prices. 

"I'm watching Oman with interest," chief executive officer of the firm, Richard Howson, is reported to have said in an interview on Wednesday, 26 August, 2015.

"It has more exposure to the oil price than perhaps the other countries in which we trade in the Middle East," Howson continued.

Howson's comments follow the company reporting rising first-half sales and profits.

According to Muscat Daily, oil prices have more than halved since last year.

Revenue from the Sultanate made up 45% of Carillion's Middle East sales in 2014, the report added, citing Liberum analyst Joe Brent. 

Carillion has previously won contracts for Dubai's Expo 2020, and a service agreement to manage Royal Dutch Shell's estate in Qatar, the report continued. 

The region accounted for 14% of Carillion's first-half sales, according to its earnings statement on Wednesday, up from 5%, the corresponding figure three years ago.  

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