HEISCO inks $6.47m deal with Saudi Arabian Chevron

HEISCO inks $6.47m deal with Saudi Arabian Chevron
The contract is expected to generate operating profit
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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 released on Wednesday. 

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

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.