SISCO completes expansion of Red Sea Gateway Terminal

Saudi Industrial Services Co. (SISCO) on Sunday announced that the Red Sea Gateway Terminal (RSGT) expansion project was completed as scheduled.

The total berth length of the terminal after expansion is 1,355 meters, SISCO said in a bourse statement.

The terminal, which has been equipped with 14 ship-to-shore quay cranes, can now handle three mega vessels at a time.

The project involved the purchase of eight new rubber-tire gantry (RTGs) cranes and twelve new trucks/trailers to improve yard handling capacity.

The amortization/depreciation expenses for 2017 are expected to increase by approximately SAR 12 million, due to the project spending.

The relevant financial impact in 2018 will be subject to local economic conditions.

In February 2016, SISCO was granted approval by the Saudi Ports Authority (SPA) to expand its 60.6 percent-owned subsidiary, Red Sea Gateway Terminal (RSGT) in Jeddah Islamic Port, at an estimated cost of SAR 510 million.