Saudi Steel Pipe Company announced that it was awarded a contract for the supply of oil and gas steel pipe, according to Mubasher.
The contract is worth more than 5% of the company’s revenues in 2018, exceeding about $8.35 million.
The deal was finalized on July 18, the Saudi Steel Pipe Company revealed in a statement to the Saudi Stock Exchange (Tadawul).
The Saudi company expects the production and financial impact of the contract to appear in Q2 2020.
Last year, the company’s revenues declined by 7.2% Year-on-Year to SAR 646.2 million.
Saudi Steel Pipes Company manufactures and sells welded steel pipes primarily in Saudi Arabia, and operates through steel pipe and process equipment segments.