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Drake & Scull International

drakescull.com

Founded Year

1975

About Drake & Scull International

Drake & Scull International operates as a general contracting and engineering company. The company delivers projects and solutions in general contracting, engineering, rail & infrastructure, oil and gas, and water and wastewater treatment. It is based in Dubai, United Arab Emirates.

Headquarters Location

Dubai,

United Arab Emirates

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Latest Drake & Scull International News

Dubai engineering firm Drake & Scull's accumulated losses now at Dh5b plus

Nov 15, 2022

Drake & Scull is awaiting clearance from Dubai court on an ambition restructure plan Published:  November 15, 2022 09:26 Last updated:  November 15, 2022 09:29 Drake & Scull needs to win court approval and bag more project awards to ensure it gets through a long simmering crisis. Image Credit: Supplied Dubai: The Dubai engineering company Drake & Scull International’s accumulated losses remains stuck at Dh5 billion even as the company hopes a restructuring programme will find favour. The losses represent a staggering 470 per cent of the capital by end September. In a statement, Drake & Scull said that it is finalising a restructuring plan and to be backed up by a revised business strategy. It hopes to raise new equity and win projects, which would show proof of the company’s operational strengths. At the same time, it will ‘pursue legal cases to collect all company receivables’, the company added. A Dubai court is looking into the plan put forth by the company and has brought in an external specialist to go over it and come up with recommendations. What brought on the losses? It was in 2018 that the company, at one time among the biggest engineering and contracting firms in the Gulf, confirmed that actual losses were much bigger than what it had been reporting until then. Since then, it has engaged in detailed negotiations with lenders and creditors to come up with potential solutions and pay the sums back. The accumulated losses were brought on by: • Poor performance on legacy projects. The actual costs of completing these projects were more than the budgets. And then there was the liquidating of (performance) bonds. • Idle labour cost was high due to absence of new projects in addition to bank bans and court orders. It was recently that a local court ordered the liquidation of another major contractor, Arabtec, after years of losses and massive debt burden.

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Drake & Scull International Frequently Asked Questions (FAQ)

  • When was Drake & Scull International founded?

    Drake & Scull International was founded in 1975.

  • Where is Drake & Scull International's headquarters?

    Drake & Scull International's headquarters is located at Dubai.

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