Mubasher TV
Contact Us Advertising   العربية

HEISCO awarded $126m maintenance bid for KNPC

HEISCO awarded $126m maintenance bid for KNPC
On 4 July, HEISCO signed an 11-month subcontract worth KWD 3.5 million for KNPC
SHIP
SHIP
0.64% 784.00 5.00

Kuwait – Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) has won a bid for maintenance works at the Mina Abdullah Refinery for the Kuwait National Petroleum Company (KNPC).

The award worth KWD 38.76 million ($128.2 million) will contribute in achieving operating profits to be included in the financial statements starting from 2018 till 2023, HEISCO said in a statement by Boursa Kuwait on Tuesday.

The 63-month contract was approved by the Central Agency for Public Tenders, the company added.

On 4 July, HEISCO signed an 11-month subcontract worth KWD 3.5 million for KNPC.

HEISCO last reported that its profits dropped 23.4% to reach KWD 1.42 million in the first quarter of 2017, compared to KWD 1.85 million in Q1-16.

The Kuwaiti company’s stock remained stable at 205 fils at the closing of Tuesday’s session.