Gulf Steel Works wins SAR 375 mln Saudi Aramco contract

Gulf Steel Works (GSW) on Thursday said it won a contract valued at almost SAR 375 million to supply Saudi Arabian Oil Co. (Saudi Aramco) with oil and gas platforms.

Accordingly, GSW's backlog and contract awards stand at nearly SAR 1 billion as of November 2017, and are scheduled for completion over 12 months, the company added in a statement.

The deal was signed on December 12 by Salah A. Al-Otaibi, GSW's vice chairman and Abdulaziz AbdulKarim, vice president of procurement & supply chain management for Saudi Aramco, during the IKTVA SMEs Forum and Exhibition 2017 organized by the state-run oil producer.

The steel maker is planning to sell 6 million shares, or 30 percent of capital, on the Nomu Parallel Market from Nov. 27 to Dec. 18, Argaam earlier reported.

GSW, owned by Pan Gulf Holding, is a Saudi-based privately owned company established in 1993.  It fabricates equipment and heavy steel structures for the hydrocarbon processing industries, fertilizers, process chemical and primary utilities.