Saudi Arabia-based housing company Red Sea International Co (RSI) has announced that it has signed a contract worth SAR73.09 million ($19.49 million) with Schlumberger Co, local reports have said.
The deal is a seven-year extension contract, said the local reports.
As part of the deal, RSI is expected to provide facility management services for its specialized modular camps to support Schlumberger’s oil drilling operations in the Eastern region of the country.
In a bourse statement, the company said the facility management services primarily include catering, laundry, and power generation.
There are no related parties in the contract, the statement added.
The relevant financial impact is represented in realizing revenues and profits as of Q1 2022.
The camp consists of various fully furnished modular units that are used as admin offices and accommodations.
They are said to be built of high-quality components to sustain the harsh weather conditions and continuous mobilizations to the different drilling locations.