Skanska sells its contracting business to Saudi Arabia

Skanska has sold its LNG contracting business, Skanska Whessoe, to the Al Rushaid Investment Company of Saudi Arabia for an undisclosed sum.

The sale is part of Skanska UK's strategy to focus on its core activities within the UK announced in December 2003. Since this time, Skanska Whessoe has been reporting through Skanska International.

Al Rushaid is active in the Middle East oil and gas markets and the acquisition of Whessoe forms part of the company's strategy to widen its activities.

Jon Dale, Whessoe managing director, said, " Being part of Skanska has enabled us to strengthen our position in the LNG marketplace. Joining Al Rushaid will enable us to build upon this and develop the business into wider markets".