15 November 2011

 More project delays for US contractor

US-based contractor Shaw Group, which is building the main ethylene cracker for ExxonMobil's new US$5-6 billion petrochemical complex on Jurong Island, is seeing more red numbers from project delays. It reported last week a further Q4 after-tax loss of US$34.8 million on the Singapore project - bringing its total project cost overrun to US$112.8 million to date. Partly related to the recent results, including losses at the ethylene project, Shaw said that it is now looking to divest its energy and chemicals business.

(The Business Times, 09 Nov 11)