Red Sea signs SAR 266M contract with Baker Hughes Saudi

Red Sea International Co. signed a contract with Baker Hughes Saudi Arabian Co. Ltd. to design, manufacture, supply, and operate accommodation facilities in the Eastern Province.

The project seeks to support oil and gas exploration activities in the region, Red Sea said in a statement to Tadawul, adding that the contract value stood at SAR 265.95 million (excluding VAT).

The facilities consist of numerous fully furnished modular units to be used as offices, dining facilities, a laundry, a gym, a mosque, and other units, in addition to a setup camp, catering services, and camp-management services. The units are built with high-quality materials capable of withstanding weather conditions and meeting regular mobility requirements across different sites.

The contract was awarded and signed on Dec. 2, running until Nov. 30, 2031, with no related parties.

The relevant financial impact will appear in Q4 2026, and the company will disclose any material developments in accordance with applicable regulations.