SISCO awards civil works contract to Saudi Archirodon

25/02/2016 Argaam

Saudi Industrial Services Co. (SISCO) announced that its 60.6 percent-owned subsidiary Red Sea Gateway Terminal (RSGT) signed a SAR 249 million contract with Saudi Archirodon Ltd for civil works as part of the terminal's expansion project.

 

The agreement involves extending shipping docks at the facility, among other upgrades, SISCO said in a statement to Tadawul, adding that the work will be carried out and completed over the next 18 months.

 

The transaction will be financed from RSGT's cash flow and Shariah-compliant loans, it added.

 

Last Wednesday, SISCO won the approval of the Saudi Ports Authority (SPA) to expand RSTG at an estimated cost of SAR 510 million. Expansion work is set to begin in Q1-2016, according to data available on Argaam. 

 

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