Gulf Dredging & General Contracting Company, a 99.96% owned subsidiary of Heavy Engineering Industries and Shipbuilding Company, signed a contract with Kuwait National Petroleum Company (KNPC).

According to a statement issued today, Monday, to Boursa Kuwait the KWD 5.53 million tender, that extends over a period of 18 months, is related to the implementation of repair and reinforcement of Shuaiba oil berth.

"Ships" expects to achieve operating profits that will be included in the company's financial statements from 2022 to 2024.

The Company had announced earlier last July that its subsidiary had submitted the lowest price and won that tender, after the bid envelops bids were opened.

It is noteworthy that "Ships" recorded KWD 2.01 million in profits in 1H2022, compared to KWD 2.93 million in 1H2021, down by 31.36%.