Kuwait’s Heavy Industries and Ship-building Company (HEISCO) has signed a renewal agreement with a local bank for a 50 million Kuwaiti dinars ($165 million) loan.

The company said in a disclosure statement on Kuwait’s bourse that the loan aims to finance HEISCO’s activities in Kuwait and other countries.

“Our company has renewed the credit facilities agreement with one of the local banks to finance its activities,” HEISCO said.

It added that the financial impact cannot be determined now and that the funds to be utilized will gradually reflect on the financial statements over subsequent periods.

In the first quarter of 2026, the company secured new contracts linked to Kuwait’s power and energy sectors, including has $565 million flow lines contract from Kuwait Oil Company (KOC) and a $186.6mln contract for fuel line works related to the Al Khairan and Al Zour power plants.

(Writing by N Saeed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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