Latest news with #HEISCO
Zawya
30-06-2025
- Business
- Zawya
Kuwaiti firm wins $45mln oil service deal
A major Kuwaiti engineering company has won a contract to provide maintenance services to oil production facilities in the OPEC member. Heavy engineering industries and shipbuilding company (HEISCO) said in a bourse disclosure statement that the contract was awarded by the state-owned Kuwait Oil Company (KOC), which manages the upstream sector in the Gulf state. The project, awarded after strong competition from other companies, involves 'provision of repair and revamping services for production facilities in North Kuwait,' it said. HEISCO, one of the largest private industrial entities in Kuwait, has been a frequent winner of oil contracts awarded by state oil operators over the past years. Kuwait, a founding OPEC member, has been locked in a massive programme to expand its hydrocarbon industry within a long-term strategy stretching until 2040. Sheikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Corporation (KPC), which manages the country's hydrocarbon industry, said in 2024 that there are plans to invest up to $50 billion in the next five years to expand oil and gas output capacity. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
19-05-2025
- Business
- Zawya
Kuwait's HEISCO awarded KOC deal
Kuwait's Engineering Industries and Ship-building Company (HEISCO) has signed a contract to provide drydocking services to oil vessels in the Gulf state. The deal, with a value of 4.99 million Kuwaiti dinars ($16 million) has been awarded by the state-owned Kuwait Oil Company (KOC), the OPEC member's upstream arm. In a bourse disclosure statement on Monday, HEISCO said the contract involves the 'provision drydocking services for KOC marine vessels.' Revenue from the contract will be shown in annual financial statements during 2025-2028, the Company said. (Reporting by Nadim Kawach; Editing by Anoop Menon) (
Zawya
01-05-2025
- Business
- Zawya
Kuwait's HEISCO wins KOC vessel service deal
Kuwaiti-listed Heavy Engineering Industries and Ship-building Company (HEISCO) said on Thursday it has won a contract for vessel dry-docking services. The contract, awarded by state-owned Kuwait Oil Company (KOC), has a value of 4.9 million Kuwaiti dinars ($16 million), HEISCO said in a bourse disclosure statement. The contract involves 'provision of dry-docking services for KOC marine vessels, the statement said. 'HEISCO has received a letter of award for the tender from KOC,' it said, adding that the contract's financial impact would be announced later. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
24-04-2025
- Business
- Zawya
HEISCO makes lowest bid for Kuwait refinery services
Kuwait's Heavy Engineering Industries and Shipbuilding Company (HEISCO) has submitted the lowest bid for maintenance services at Mina Al-Ahmadi oil refinery, the Company said on Thursday. HEISCO said in disclosure statement on Kuwait's bourse that its subsidiary Gulf Dredging and General Contracting Company made the bid with a value of around 4.93 million Kuwaiti dinars ($16 million). The contract involves providing marine maintenance services for Mina Al-Ahmadi refinery, the statement said. It said the company submitted the bid to the state-owned Kuwait National Petroleum Company, the Gulf states downstream arm, adding that it would inform the bourse management of any development in this regard. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
16-04-2025
- Business
- Zawya
Kuwait's HEISCO gets $188 mln credit to fund projects
Kuwait-based Heavy Engineering Industries and Shipbuilding Company (HEISCO) said on Wednesday it has signed an agreement with a local bank for a credit of around 57.1 million Kuwaiti dinars ($188 million). The Company said in a disclosure statement on Kuwait's bourse that it would use the credit to fund its project activities. 'We would like to inform you that the Company has signed a credit facilities agreement with one of the local banks to finance the Company's activities,' it said without specifying the creditor. The statement said the financial impact cannot be determined now, adding that the funds to be utilised will gradually reflect on the financial statements over subsequent periods from the value of the banking facilities. (Reporting by Nadim Kawach; Editing by Anoop Menon) (
