UAE unit of UK's cash-strapped Interserve wins $12m Adnoc work

Adyard will replace offshore firewater pumps and liquid sulphur loading systems at Al Ruwais complex in Abu Dhabi

Adyard is the UAE subsidiary of UK construction company Interserve.
Twitter / InterserveNews
Adyard is the UAE subsidiary of UK construction company Interserve.

Interserve’s UAE subsidiary Adyard Group has been awarded $12.4m (AED45.5m) in a bulk of onshore and offshore service contracts from Abu Dhabi National Oil Company (Adnoc).

Adyard will replace offshore firewater pumps and liquid sulphur loading systems at Adnoc's sprawling Al Ruwais refining and petrochemical complex in Abu Dhabi.

Flowline replacements made with corrosion-resistant alloy will be installed, and Adyard will fabricate additional pipe racks and skids at its industrial yard for the Adnoc deal.

Interserve International’s managing director, Andrew Beaney, said the Adnoc contract would enhance Adyard’s reputation as an “engineering, procurement, construction, maintenance, fabrication, and specialist manpower supply company”.

Adyard’s Adnoc contract comes as its UK-headquartered parent company faces administration, according to UK press.

Interserve is sitting on a debt of $845.2m according to a recent BBC report. According to chairman Glyn Barker, Interserve is facing a “critical financial situation” and will hold a crucial shareholder meeting on Friday, 15 March, 2019 to prevent it from slipping into administration.

In a video posted on Interserve's Twitter account, Barker calls on shareholders to back the company’s 'Deleveraging Plan' to restructure the firm, calling it the only deal that can “provide stability for the future”.

Failure to garner support for the agreement could result in job cuts across Interserve's 68,000-strong workforce, with the BBC stating that "Interserve is likely to go into administration on Friday".

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