Drake & Scull (DSI) has appointed PricewaterhouseCoopers (PwC) as a strategic and financial advisor, the Dubai-listed construction and engineering firm said on Thursday.
The consultancy will assist with “examining the company’s capital structure and financial liabilities”, DSI said in a statement to the Dubai Financial Market.
In August, Drake & Scull reported a significant decline in first half profit and revenue due to the regional construction downturn.
It attributed the loss to project cancellations and additional one-off provisions taken in light of the challenges in the sector.
A majority of these provisions emanate from Saudi Arabia, with the total impact on the bottom line amounting to AED 192mn, the company said at the time.
Drake & Scull appointed Wael Allan, previously Chief Operating Officer (COO), as the companys new Group Chief Executive Officer (CEO) in October.