Red Sea Housing Services wins contracts worth over SAR 145 million

Red Sea Housing Services wins contracts worth over SAR 145 million
Dr Majid Al Kassabi, the Chairman of Sea Housing Services (Tadawul: 4230), a global leader in the manufacture of modular buildings in the Middle East, Africa and Asia, announced today that it has been awarded two major contracts worth a total value of SAR 147.7 million.
The first contract is with the Daewoo Engineering and Construction Company Ltd., to supply, deliver and install a 2,300 man camp in the Ras Laffan Industrial Complex - Qatar, in support of the ongoing Nakilat Shipyard Project. The Red Sea Housing project will commence immediately and is scheduled for completion in December 2008.
The second contract is to construct a 2,552 man camp in the Dominican Republic, for a joint venture between the Pueblo Viejo Dominicana Corporation and Barrick Gold Ltd., Australia. The contract was awarded earlier this week by the client’s agent, FLUOR Canada. The installation for this project is due to start in early July of this year, with the finished project scheduled for delivery at the end of April 2009.
"We are thrilled to have secured two very important deals to extend both our regional activities and our international business. This marks another milestone for Red Sea as this is the largest contract we have secured in the New World,” stated Glen Warren, Executive VP for International Marketing and Operations, Red Sea Housing.
Alongside a recent project in Papua New Guinea, Red Sea Housing has actively increased its portfolio to cover a diverse geography, including projects extending throughout the South Pacific in the east and the Caribbean Sea in the west.
“Just two years ago, our company ventured out from the Red Sea and put a footprint in Ghana, Africa. To be approached by a Canadian company to support an Australian gold producer in the Caribbean gives us a fresh look at globalization in the 21 Century,” commented Mark Sumner, Vice President and General Manager of Red Sea Housing.
"The Dominican Republic is now counted as the 56th Country where Red Sea Housing has done business, and we see this as a starting point for securing future business throughout Central and South America and for bringing back non-oil related revenues into the Kingdom," concluded Sumner.