Mubasher: National Petroleum Services (Napesco) has won a $22 million no-bidding contract for coiled tubing and nitrogen pumping and related services from Kuwait Gulf Oil Company and Saudi Arabian Chevron.

The five-year contract will be effective as of 1 August, according to a bourse statement released on Thursday.

The company expected that the profit margin of the contract will be 10%, depending on different conditions.

Napesco achieved a growth of 5.3% in profits during the first quarter of 2019 compared to the corresponding three months in 2018.