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 BBCreport. 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.