SNC-Lavalin, the Canada-based engineering and construction group, has recorded a risk provision of $47.0 million following a recent unexpected attempt to draw this amount under letters of credit, covering advance payment and performance, previously issued in favour of a client on a Libyan project.
The Company says it is not currently aware of any claim relating to the advance payment or performance, adding that it is seeking to clarify the situation surrounding this attempt to draw on the letters of credit and will use all legal and other means available to prevent any draws.
The project has been halted since the civil unrest began in Libya.
(Source: SNC-Lavalin)
