Mubasher: Superior Abu Dhabi Co, a 90% subsidiary of Gulf Petroleum Investment (PetroGulf), has signed a three-year contract worth AED 144 million (KWD 12.05 million) with the Abu Dhabi National Oil Company (ADNOC).

To be effective from 1 October 2020, the contract can be renewed for additional two years with a total value of AED 96 million (KWD 8.03 million), according to PetroGulf's disclosure to Boursa Kuwait on Sunday.

PetroGulf referred that the contract will generate a 15% profit margin of the deal value, and the actual financial impact of the contract will be registered upon operation.

It is noteworthy to mention that in the first half (H1) of 2020, PetroGulf's net losses increased by 52.2% to KWD 843,000 from KWD 554,000 in the same period of 2019.