|19 February, 2020

Napesco wins $25.4mln tender by KGOC, Saudi Arabian Chevron

The deal has a term of five years

Image used for illustrative purpose. Chevron oil exploration drilling site near Midland, Texas, U.S. August 22, 2019. Picture taken August 22, 2019.

Image used for illustrative purpose. Chevron oil exploration drilling site near Midland, Texas, U.S. August 22, 2019. Picture taken August 22, 2019.

Reuters/Jessica Lutz

Mubasher: National Petroleum Services (Napesco) was awarded a KWD 7.74 million ($25.4 million) tender by Kuwait Gulf Oil Company (KGOC) and the Kuwait-based Saudi Arabian Chevron Inc.

Under the five-year tender, Napesco will provide environmental services for sludge treatment, according to a statement to the Kuwaiti bourse on Wednesday.

The deal is set to be signed by the two parties in the first half of March 2020.

Moreover, Napesco predicted a profit margin of 7% for the said contract subject to the project’s execution conditions and workflow.

It is noteworthy that during the first nine months of 2019, Napesco's net profits grew by 6.16% to KWD 6.68 million from KWD 8.18 million in the year-ago period.

Source: Mubasher

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