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UGL Ltd (ASX:UGL) and Downer EDI Ltd (ASX:DOW) have abandoned a contract with US oil giant Chevron.
The companies have pulled out of the contract because of rising cost concerns on the $35 billion Gorgon liquified natural gas development, Media reports said today.
The $2 billion contract was a joint bid for mechanical, electrical and other work on the Western Australian LNG project.
Chevron has reportedly been pushing the two groups to resume talks over a modified contract.
For the second half of last year, UGL Ltd (ASX:UGL) reported a profit of $64.8 million.
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