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
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".
Watch this video from our Chairman Glyn Barker on the Deleveraging Plan announced by Interserve PLC on 27th February 2019. Find out more about the Deleveraging Plan and watch the extended version here - https://t.co/nyqar4mJXi #Interserve pic.twitter.com/wXhFUbZdYT— Interserve (@InterserveNews) March 8, 2019