May 8, 2017 / 8:21 AM / 5 months ago

Dubai's DSI expects to hear soon from Aramco on outstanding payments-CEO

DUBAI, May 8 (Reuters) - Drake & Scull International (DSI) is expecting to hear “very soon” on payments worth 1.05 billion riyals ($280 million) or almost half of the outstanding amount for the work it did on Saudi oil company Aramco’s research project, its chief executive said.

The company may consider all legal options including arbitration to recover the remaining amount for its work on King Abdullah Petroleum Studies and Research Centre (KAPSARC), DSI group chief executive Wael Allan told Reuters in an interview.

“All options are open,” he said. “We feel strongly that we are due some of these claims and we will pursue them to the end.”

The $543 million project was completed in 2012, according to DSI’s website. ($1 = 3.7502 riyals) (Reporting By Hadeel Al Sayegh, Tom Arnold and Saeed Azhar, Editing by William Maclean)

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