Malaysia-based Eversendai Corporation said it has received a termination notice for its structural steel contract at the Trojena Ski Village project in Saudi Arabia, citing geopolitical developments in the Middle East.

In a filing, the company said the notice was issued by NEOM Company and will take effect on March 26, 2026.

Eversendai stated that it is in the process of preparing documentation to substantiate the progress of works completed under the contract. The group indicated it will submit commercial claims, including compensation for the termination and associated demobilisation costs.

“The company is preparing the necessary documentation to substantiate project progress and will submit its commercial claims, including compensation for termination and related demobilisation costs. The group expects to be fairly compensated once the claims have been fully substantiated,” the company said.

The contract, awarded in March 2024 in collaboration with Al Bawani Co, had been executed in accordance with contractual obligations up to the termination date. The project had an original completion timeline of approximately 28.5 months.

Following the termination, the company reported that its current order book stands at RM2.02 billion, excluding the remaining balance of the Trojena contract. Its tender book totals RM18.4 billion. Eversendai added that it is nearing the finalisation of additional projects expected to support future earnings visibility.

Despite the contract termination, the group emphasised that its operations in the Middle East remain stable and expressed optimism about securing new work in the region.

While the termination introduces uncertainty related to the Trojena project, Eversendai maintains that its broader project pipeline and ongoing operations position it to manage the impact. The company reiterated its expectation of fair compensation and continued focus on replenishing its order book.