Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) on Thursday announced winning an SAR 60 million ($15.99 million) contract from Saudi Arabian Oil Co “Aramco”.

Under the deal signed on Thursday, SSP will supply 30 inches OCTG pipes to Aramco, it said in a statement to the Saudi Stock Exchange (Tadawul).

Production of the OCTG pipes will commence in the second quarter of 2019, the company added.

The financial impact of the deal will be reflected on SSP’s financial results for the second half of 2019.

SSP last reported turning to losses in the second quarter and first half of 2018 with SAR 36.8 million and SAR 41.9 million, respectively.

Saudi Steel Pipe’s stock closed Thursday 0.22% lower at SAR 18.26.