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Drake & Scull in Final Talks for $300 Million Basra Pipeline

May 21 (Bloomberg) -- Drake & Scull International PJSC is “about to take its first job” in Iraq, the company’s chief executive officer said.

The company is part of a group in final negotiations over the construction of a pipeline in Basra and expects to hear in about 30 days, Khaldoun Tabari told a conference in Abu Dhabi today. The contract would be worth about $300 million in revenue for the company.

Profit at the Dubai-based construction company will be better in the second-quarter, he said. Net income fell to 37.6 million dirhams ($10.2 million) in the first quarter from 45.9 million dirhams a year earlier amid increased expenses, the company said on May 15.

To contact the reporter on this story: Tamara Walid in Abu Dhabi at twalid@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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