Mubasher: Kuwait-based Heavy Engineering Industries and Shipbuilding (HEISCO) on Monday announced signing a five-year contract with the state-owned Kuwait Oil Company (KOC) at a value of KWD 3.63 million ($12 million).

Under the agreement, HEISCO will provide shipping services and maintenance works for marine equipment owned by KOC, according to a statement to Boursa Kuwait.

The Kuwait-based firm further noted that this deal is expected to achieve operating profits which will be listed on its financial statements between 2019 and 2024.

In a separate statement, HEISCO announced establishing a subsidiary which will be specialised in hiring competent technical workers.

The financial impact of the unit launch will appear in the annual consolidated financial results of the parent company.

HEISCO last reported a 62.15% growth in profits during the fourth quarter of 2018, reaching KWD 2.54 million, compared to KWD 1.56 million in Q4-17.