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|15 May, 2019

HEISCO inks $6.47mln deal with Saudi Arabian Chevron

The agreement is for the cleaning and inspection of 20-inch onshore pipelines and 36-inch pipelines.

Image used for illustrative purpose only. A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh.

Image used for illustrative purpose only. A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh.

REUTERS/Ali Jarekji

Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) has signed a KWD 1.97 million ($6.47 million) seven-month contract with the Kuwait-based Saudi Arabian Chevron Inc.

The contract is expected to generate operating profit, which will be recorded in the financial statements of the fiscal year 2019-2020, according to a bourse statement.

The agreement is for the cleaning and inspection of 20-inch onshore pipelines and 36-inch pipelines.

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In March, HEISCO announced that it was awarded a tender contract at a value of KWD 1.97 million from Saudi Arabian Chevron Inc.

HEISCO reported a 41% year-on-year rise in profits during the first quarter of 2019.

Source: Mubasher

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