Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) has received a letter of award at a total value of KWD 4.1 million ($13.5 million).

This contract covers the constriction and mechanical works as well as electricity and microunits devices for an addition compressor to recycle hydrogen for Kuwait Integrated Petroleum Industries Company (KIPIC).

HEISCO noted that this contract holds a maturity period of 20 months, according to a bourse disclosure on Sunday.

The Boursa Kuwait-listed company noted that operating profits will be realised from this contract and will be registered in the income statements of fiscal year 2019/20.