Senergy Holding Company revealed that one of its subsidiaries (Synergy Oil Solutions), which is 90.14% owned, has signed an oil services business contract with Wafra Joint Operations. The contract’s value is KWD 1.998 million and extends for a period of 5 years.
The company confirmed in a statement issued today, Thursday, on Boursa Kuwait, that the contract will have an impact on the company’s financial position as of the first quarter of next year (2022).
The company explained that the percentage of profits expected to be achieved from the aforementioned contract depends on the work conditions and the variables related to the implementation process.
In late November, Senergy announced an increase in its ownership percentage in Senergy Oil Solutions from 86.714% to 90.142%, an increase of 3.428%.
Senergy Holding reported a loss of KWD 89,000 for 9M2021, compared to KWD 14,000 in the corresponding period last year.