logo
Plus   Neg
Share
Email

SNC-Lavalin To Exit Lump-sum Turnkey Contracting, Withdraw 2019 Guidance

SNC-Lavalin Group Inc. (SNC.TO) said Monday that it will exit lump-sum turnkey or LSTK contracting and reorganize the company's Resources--Oil & Gas and Mining & Metallurgy-- and Infrastructure Construction segments into a separate business line following continued poor performance of the segments. It will reorganize the company to focus on the high-performing and growth areas of the business, which will be reported under SNCL Engineering Services.

The company expects lower results in the second-quarter than previously anticipated. Meanwhile, it withdrew its financial guidance for 2019.

The company will take additional non-cash impairment charge and an intangible assets charge relating to the company's O&G business, specifically Kentz, totalling about C$1.9 billion.

The company also explored all options for its Resources segment, particularly its Oil & Gas business, including transition to a services-based business or divestiture.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
British luxury car giant Aston Martin unveiled its first SUV at an event in Los Angeles and at a simultaneous event in Beijing. The DBX SUV comes with an aluminium body with a typical Aston Martin grille flanked by LED headlights with LED DRLs. "I can't emphasize enough how incredibly exciting... Google has rolled out an audio news service for Google Assistant, called 'Your News Update,' which will read out a user's customized news feed. According to the tech giant, 'Your News Update' is a smarter way to listen to the news hosted by the Google Assistant. The customized news feed will deliver stories from a variety of media partners, including CBS, Politico, Fox News and CNN. The U.S. Securities and Exchange Commission said it has filed an emergency action and received a temporary restraining order and asset freeze against two Florida residents as well as the two companies controlled by them for an alleged $6 million Ponzi scheme. The Ponzi scheme by Neil Burkholz of Boca Raton, Florida, and Frank Bianco of Pembroke Pines, Florida, defrauded at least 55 investors.
RELATED NEWS
Follow RTT
>