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9 months ago
Dubai contractor Drake & Scull appoints strategic and financial advisor
December 8, 2016 / 5:13 AM / 9 months ago

Dubai contractor Drake & Scull appoints strategic and financial advisor

DUBAI, Dec 8 (Reuters) - The board of Dubai-listed construction and engineering firm Drake & Scull (DSI) has appointed PricewaterhouseCoopers (PwC) as a strategic and financial advisor, DSI said on Thursday.

The consultancy firm will assist with "examining the company's capital structure and financial liabilities", according to a bourse filing.

DSI announced last month it was reviewing its business to address market challenges which could lead to a withdrawal from non-core markets, retrenching on civil works in Saudi Arabia and a more conservative stance on recovering certain receivables.

The company has been battling a depressed construction market in the Gulf, as governments rein in spending on infrastructure schemes in the wake of the decline in oil prices.

Reporting by David French; Editing by Andrew Torchia

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