Kuwait’s Electricity and Water Ministry awards $18.7m tender to HEISCO subsidiary
Tender carries a maturity period of 36 months, company says
Heavy Engineering Industries and Shipbuilding (HEISCO) has announced that one of its subsidiaries, Gulf Dredging and General Contracting Company, has been awarded a tender worth $18.7 million by the Kuwaiti Electricity and Water Ministry.
Based in Kuwait, HEISCO is a major engineering, procurement and construction (EPC) contractor with a range of diversified businesses including operations in sectors such as: oil and gas, petrochemicals, power, pressure equipment manufacturing, shipbuilding and repair, dredging and marine construction, maintenance and other industrial services, including heavy industry projects.
The company has a 99.92% stake in Gulf Dredging and General Contracting Company, according to a filing to the Kuwait bourse. The statement also explained that the tender is in favour of Kuwait’s electricity and water ministry and carries a maturity period of 36 months.
The financial impact of the tender will be operating income that will be registered in the financial statements for fiscal years 2019 and 2020, it added.
