KUALA LUMPUR: Eversendai Corporation Bhd’s contract for structural steel works for the Trojena Ski Village project in Saudi Arabia, awarded by NEOM Company, has been terminated effective March 26, 2026.
NEOM Company is the Saudi state-owned developer responsible for building and managing the NEOM mega project in northwestern Saudi Arabia.
In a statement on Tuesday, Eversendai said it had fulfilled its contractual obligations with no compromise on safety and quality, adding that the termination was believed to be due to the current geopolitical situation in the West Asia.
It said it is preparing documents to substantiate work completed under the contract up to the termination date, including claims for termination and related demobilisation costs.
“We strongly believe that our fully substantiated claims shall be fairly compensated by the client,” Eversendai said.
The company added that its order book stands at RM2.02 billion, excluding the Trojena contract, and its tender book at RM18.4 billion.
It said the group is close to concluding new projects that will add to its order book, adding that its operations in West Asia remain stable despite the current geopolitical situation.
“We remain highly optimistic in securing more projects across the group to further improve our financial performance going forward,” it said.
Eversendai announced the Trojena contract in March 2024 as part of four project wins in Saudi Arabia, the United Arab Emirates and India, totalling RM5.4 billion. – BERNAMA
