Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) announced that its 99.92%-owned subsidiary Gulf Dredging and General Contracting Co. was awarded a tender valued at KWD 5.69 million ($18.76 million).

The tender is in favour of Kuwait’s electricity and water ministry, carrying a maturity period of 36 months, according to a bourse disclosure on Thursday.

HEISCO noted that the financial impact of this tender will be operating income that will be registered in the financial statements for fiscal years 2019 and 2020.