AWPR consortium partner Carillion saw its shares plummet yesterday after it issued another profit warning and said it was heading for a breach of financial covenants.
More than £160million was wiped off its market value as the stock tanked nearly 50% to 21.5p.
Despite growing fears about Carillion’s future, the company’s woes are not expected to derail the remaining work on Aberdeen’s city bypass.
A Transport Scotland spokesman said: “The cost of the project to the public purse remains unchanged at £745million and the contractor will receive payment when sections of the road become available for use.
“Carillion is one of three partners delivering the route. It would be inappropriate for us to comment on any individual contractor’s internal financial governance.
“AWPR consortium Aberdeen Roads had reaffirmed its commitment to the bypass project,” the spokesman said, adding: “It has also confirmed that Carillion has no intention of withdrawing from the project and that they too remain committed to completing it in accordance with the contract.”
Carillion was thrown into crisis by a hefty profit warning in July, which sent shares tumbling by more than 70% in one week.
A large chunk of an £845million write-down was for three UK projects, one of which is believed to be the AWPR, being built by Carillion, Balfour Beatty and Galliford Try-owned Morrison Construction. Transport Scotland has previously said there is no risk to the AWPR because if any one of the partners withdraws, the others will take on extra obligations.