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.