Red Sea International Signs Contract with ‘Schlumberger’ for SR 73.09 mln

Red Sea International Company (RSI) announced on Wednesday that it has signed a 7-year extension contract with Schlumberger Company to provide facility management services for its remote mobile modular buildings to support its oil drilling operations in the Eastern region. The contract value is SR 73.09 million.

It includes administrative and residential facilities of fully furnished modular units that are used as admin offices and accommodations. They are built of high-quality components to sustain the harsh weather conditions and continuous mobilizations to the different drilling locations.

The facility management services include primarily includes catering, laundry, and power generation.

The company indicated on Tadawul on Wednesday that the Financial Impact and the Relevant Period          Revenues and profits will be realized starting from Q1 2022. There are no related parties in the Contract.

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, 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 company concluded.