Loss-making Oman contractor Al Hassan appoints oil exec

Loss-making Oman contractor Al Hassan appoints oil exec
Oman's Al Hassan Engineering posted a loss for the first quarter of the year.
Published: 20 May 2018 - 6:58 a.m.
By: Oscar Rousseau

Loss-making contractor Al Hassan Engineering has appointed oil and gas heavyweight Abdullah Said Amour Al Shuely as a temporary member of its board of directors.

Al Shuely boasts more than 40 years experience in the oil and gas sector, where he worked for the part government-owned Petroleum Development Oman (PDO), an oil exploration business responsible for the majority of Oman's crude oil and gas production.

The appointment was approved on 16 May. Al Hassan Engineering's shareholders were informed of the decision through an announcement on the Muscat Securities Market.

On the appointment of Al Shuely, Al Hassan Engineering said: “Mr Abdullah brings with him a wealth of experience in leadership management, and the board feels that his joining the company board will add valuable insights and diversity to the board’s decision-making process.”.

He joins Al Hassan Engineering as a temporary board member during a tumultuous time for the Omani contractor.

The oil and gas contractor posted a $4.9m (OMR1.9m) loss for Q1 2018, which followed the consolidated loss of $69.45m (OMR26.74m) the business reported in its full-year trading figures for 2017.

Another quarterly loss for the business was put down to “inadequate liquidity”.

Compounding the loss, Al Hassan Engineering decided to “discontinue UAE operations” as its subsidiary filed for liquidation in April.

Al Hassan said had chosen to liquidate its Abu Dhabi-based subsidiary due to “significant losses and equity deficits”. 

All operations and subsidiaries linked to the Abu Dhabi business will be liquidated by December 2018.

The company's portfolio includes work with various giants from the UAE's energy sector, including Abu Dhabi National Oil Company (ADNOC), Masdar, and the Dubai Electricity and Water Authority (DEWA).

 

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