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Red Sea International Co. Announces the Signing of a Contract with Samsung C&T

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Introduction Red Sea International Company (RSI) announces the signing of a contract with Samsung C&T to provide accommodation complexes to support ADNOC’s initiative for the decarbonization of onshore and offshore production operations in the UAE.
Date of Announcement of the Award 2022-04-27 Corresponding to 1443-09-26
Contract Subject Matter Design, supply and construct accommodation complexes of modular units for SAMSUNG C&T in Abu Dhabi.
Date of Signing the Contract 2022-04-26 Corresponding to 1443-09-25
Contract Value USD 14,246,112 (equivalent to SAR 53.42 million)
Contract Details Red Sea International Company (RSI) was awarded a contract to design, supply and construct a total of three accommodation complexes for SAMSUNG C&T to support ADNOC’s decarbonization of onshore and offshore production operations in the UAE. The high-quality complexes will be located in two onshore locations (Al-Mirfa and Shuweihat) and another offshore location (Das Island) in Abu Dhabi; and will accommodate up to 800 professionals including Seniors and Juniors. The scope of work also includes the provision of turn-key modular solutions for the support facilities such as catering facilities and emergency aid buildings, gymnasiums and recreational areas.

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company announced a $3.6 billion strategic project to significantly decarbonize ADNOC’s offshore production operations, further strengthening ADNOC and TAQA’s position in driving and leading sustainability efforts and supporting the United Arab Emirates ‘Net-Zero by 2050 Strategic Initiative’.

To ensure swift delivery of the project with the set timeframe, RSI will coordinate and execute the complete engineering deliverables between its regional offices then implement the manufacturing process from its Dubai facility before mobilizing the installation team to complete the project.

Contract Duration Eight Months
Financial Impact and the Relevant Period Revenues and profits will be realized starting from Q2 2022.
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 and environmentally friendly 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, regional and international 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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