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Red Sea International Co. Announces Contract Sign Off with Baker Hughes.
| Element List | Explanation |
|---|---|
| Introduction | Red Sea International Company (RSI) has signed a contract with Baker Hughes Company to design, manufacture & operate remote mobile modular buildings to support its operations in the Eastern region. |
| Date of Announcement of the Award | 2023-12-19 Corresponding to 1445-06-06 |
| Contract Subject Matter | Design, manufacture, supply, and operate specialized modular facilities to support the operations of Baker Hugh Company in the Eastern region. |
| Date of Signing the Contract | 2023-12-19 Corresponding to 1445-06-06 |
| Contract Value | 32,226,432 SAR Excluding VAT |
| Contract Details | Red Sea International has signed a 4-year contract with Baker Hughes, one of the world's largest oilfield services companies, to design, manufacture, supply and operate accommodation facilities in the Eastern Province to support oil exploration operations in the region. The facilities consist of several fully furnished prefabricated units that are used as offices, dining facilities, laundry, gym, mosque, etc. They are built of high-quality components to withstand harsh weather conditions and constant transportation requirements to different locations. The operation also entails complete remote sustainment support services that include catering, laundry, housekeeping, pest control and utilities management. |
| Contract Duration | Four years |
| Financial Impact and the Relevant Period | Revenues and profits will be realized starting from Q4 2024. |
| Related Parties | There are no related parties in the Contract. |
| Additional Information | It is worth noting that the Red Sea International Company (RSI) is a leading Saudi company in the field of providing modular solutions and construction of high quality administrative and residential complexes and field hospitals in very short periods and establishing the necessary infrastructure for various sectors, in addition to operating these complexes and providing all living requirements for guests during occupancy including electric energy, pure water, food supply and wastewater treatment. the company uses high quality local products and manufactures modular units in its local and regional manufacturing facilities to meet the housing requirements, catering and food services for various strategic projects, especially those initiatives emanating from the ambitious vision of the Kingdom of Saudi Arabia 2030. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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