Heavy Engineering Industries and Shipbuilding (Heisco) announced that its subsidiary, Gulf Construction, Marine Works and General Contracting, submitted the lowest bid in tender offered by Kuwait Oil Company. 

In a statement issued to Boursa Kuwait on Thursday, 21 April 2022, the company said that the KWD 5.09 million tenders is to provide operations and maintenance support services for Kuwait Oil Company's offshore facilities.

Heisco advised that it will disclose on Boursa Kuwait’s website once it received the letter of award from the Central Agency for Public Tenders.

Earlier this week, the company announced securing a contract with the US Army, worth KWD 7.33 million.

The company's profits dropped last year by 30.4% to reach KWD 6.375 million, compared to KWD 9.160 million in profits in 2020.

The company held its Annual General Meeting (AGM) last Thursday and approved the Board of Directors’ recommendation to distribute 20% (20 fils per share) cash dividends for the financial year 2021, for an aggregate amount of about KWD 3.605 million.