RED SEA HOUSING RECEIves sar 91 million PURCHASE ORDERS FROM NABORS DRILLING

06/11/2013 Tadawul

Red Sea Housing Services Company announces that on 05/11/2013 corresponding to 02/01/1435, it has received Purchase Orders from Nabors Drilling International LTD in the amount of SAR 91,000,000 for the Manufacturing, Delivery and Installation of nine (9) new Oil Field Drilling Camps. These state of the art - purpose built camps will be in support of the new contracts, which Nabors has received for their activities in the Eastern Province of Saudi Arabia. 
The agreement also consists of refurbishment and associated works on two (2) additional camps, increasing the total number of camps under the agreements to eleven (11) camps.
The camps will be delivered over the course of the next 7 months and the financial impact of this project will be reflected On the financial results starting from the fourth quarter of 2013. The projects will be financed through the existing cash flows of Red Sea Housing

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