Eversendai Corporation Berhad has confirmed that it has received a notice of termination for its Trojena Ski Village structural steel contract from NEOM, with the termination set to take effect on March 26, 2026.
The company referred to its earlier announcement dated March 13, 2024, in which it disclosed that it had secured the contract in collaboration with Al Bawani Co in the Kingdom of Saudi Arabia.
Eversendai stated that it had “fully committed and delivered the project as per the contractual obligations with no compromise to safety and quality” up to the date of the notice. The company added that it believes the termination “has happened due to the current geopolitical situation in the Middle East.”
Trojena Ski Village steel works contract terminated by NEOM
The group said it is preparing documentation to substantiate the progress of the project carried out in accordance with the contract up to the termination date. This includes commercial claims related to the termination and associated demobilisation costs, which it stated “should be compensated by the client.”
Eversendai added, “We strongly believe that our fully substantiated claims shall be fairly compensated by the client.”
The company reported that its current order book stands at RM2.02 billion, excluding the remaining works for the Trojena Ski Village contract. Its tender book stands at RM18.4 billion.
Eversendai stated that it is close to concluding new projects which are expected to add to its existing order book.
The group said its operations in the Middle East remain stable despite the current geopolitical situation. It added that it remains “highly optimistic in securing more projects across the Group to further improve our financial performance going forward.”
