Company:J&P AVAX

Short description: Cypriot construction company

Joannou & Paraskevaides (Overseas) Limited
J&P(O)Ltd

Type	Private
Industry	Construction, petroleum engineering
Fate	Ceased Operations in 2018 (Bankruptcy)
Founded	1961
Headquarters	Guernsey
Area served	Middle East, Africa, Europe
Key people	Efthyvoulos G. Paraskevaides
Products	George Paraskevaides & Stelios Ioannou
Revenue	US-$750 million (2018)
Operating income	-750 Million USD (2018)
Net income	-750 Million USD (2018)

Joannou & Paraskevaides was a Cypriot international building, civil and electromechanical engineering contractor with an involvement in the energy (oil and gas) and industrial sectors operating in the Middle East, North Africa, Europe and Asia. At its zenith, the construction giant that was J&P Overseas Ltd., had about 15,000 people on staff and boasted a turnover in excess of $1.5billion.

History

North Africa and the Middle East

Joannou & Paraskevaides (Overseas) Limited (“J&P(O) Ltd”) was established in 1961 in Guernsey, Channel Islands. J&P(O) Ltd completed its first overseas projects in Libya in the 1960s. J&P(O) Ltd then took its next major step and expanded into the Persian Gulf in the 1970s. During the subsequent decades, J&P(O) Ltd played a leading role in the Persian Gulf's construction boom completing highways in all types of terrain, tunnels, bridges and flyovers, airports, housing schemes, palaces, luxury hotels, hospitals, universities, commercial buildings, sports and conference centers and complex military projects.

Electrical and Mechanical Expertise Acquired

On 1 January 2006, J&P(O) Ltd wholly acquired two specialist electrical and mechanical contractors A&P Paraskevaides (Overseas) Ltd and Conspel Construction Specialists (Isle of Man) Ltd. region. Their acquisition allows J&P(O) Ltd to supplement its current activities and expand its construction capability and expertise.

Closure

Before going into liquidation, the company disposed of its stake in Queen Alia Airport in Amman, which was expected to generate more than USD 100 mln in revenue.

J&P Overseas was shut down with the company accumulating damages of around USD 750 mln.

The problems at J&P Overseas emerged earlier this year (2017) and culminated last month with the company going into liquidation, after banks rejected its restructuring proposal.

Notable completed projects

J&P(O)Ltd's most notable completed projects include:

• the Seeb International Airport in Muscat, Oman which was completed in 1976. It is the main airport in Oman and the hub for the national carrier Oman Air.
• the King Fahd International Airport in Dammam, Saudi Arabia which was completed in 1993. It is located 15 kilometres (9.3 mi) northwest of Dammam, Saudi Arabia. It is the largest airport in the world in terms of land area (780 km² (300 sq mi)), thus making it larger than the nearby country of Bahrain.
• the Abu Dhabi International Airport in Abu Dhabi, United Arab Emirates. finished in 1981. It is the second largest airport in the U.A.E.
• the Rio-Antirio bridge in Greece completed in 2004. It is a cable-stayed bridge crossing the Gulf of Corinth near Patras, linking the town of Rio on the Peloponnese to Antirrio on mainland Greece.
• the Al Bustan Palace Hotel in Muscat, Oman.
• the Queen Alia International Airport in Amman, Jordan to be completed in 2011. The EPC (contract) for the Rehabilitation, Expansion and Operation of Queen Alia International Airport is shared between J&P(O) Ltd and J&P-AVAX SA. Works will increase the initial capacity of the airport to 9 million passengers annually and give the ability to expand to 12 million passengers annually. Also, the expansion of the airport will allow it to handle the Airbus A380.
• Two contracts for The Pearl-Qatar artificial island, in Doha, Qatar: The Roads and Infrastructure Project for the Island to be completed during 2010, and the Design and Construction of Qanat Quartier Precinct and the Construction of 31 Villas in La Plage and Bahriya Precincts to be completed during 2011.
• Construction of the main works contract for seven maintenance hangars (A to G) along with all required facilities (workshops, power plant, stores, car parks, administration building, mosque and all services) over an area of 565,000 m² (6,080,000 sq ft) at Dubai International Airport.
• Additionally two further contracts were executed, one for the design, construction, supply, installation and commissioning of civil and landscaping works (both airside and landside) and the second for all works associated with the construction and commissioning of an additional hangar 'Hangar H'. Client: Emirates Airlines Consultant: ADPI Contract Value: USD 457 million Status: Completed 2010
• Construction of a passenger terminal complex with a 6.5 million passenger per year and comprising terminal building (covered area 71,000 m² (760,000 sq ft)), taxiways and interconnections (3,200 m × 23 m (10,499 ft × 75 ft)), aprons (150,000 m² (1,600,000 sq ft)), car park and road works, including all electromechanical installations and external works and services. Client: Civil Aviation Authority Consultant: NESPAK Contract Value: USD 200 million Joint Venture: J&P (O) Ltd 65% - Airsys ATM 35% Status: Completed 2002 Demolition of existing interchange (2 bridges) and reconstruction of the new interchange (7 bridges) at Al Safa area on Sheikh Zayed road. The interchanges consists of two loops, two directional links in addition to four right turn ramps, re-configuration of internal roads and parking areas within the interchange limits. Also construction of road signage, landscaping, street lighting and all associated services. Client: Dubai Municipality Consultant: De Leuw Cather Contract Value: USD 15 million Status: Completed 2002

Global International Contractor Rank

In 2009 the journal Engineering News-Record ranked J&P(O) Ltd as the 36th Largest International Contractor globally.