Dr. Majid Al Kassabi, Chairman of Red Sea Housing Services, announced that Red Sea Housing Services (Tadawul: 4230) has been awarded by Hyundai Heavy Industries Company Limited the contract to construct a 5,000 man housing facility and office complex for Chiyoda-Hyundai Heavy Industries Company Limited Joint Venture’s Pearl GTL Feed Gas Preparation project in Ras Laffan Industrial City, Qatar. The contract is worth SAR 187,520,000 and is equal to 45% of Red Sea’s total revenue generated for the twelve month period ended March 31, 2006.
“We are quite happy to work closely with a company of such prestige as Hyundai Heavy Industries,” said Glen Warren, Executive Vice-President International Marketing of Red Sea Housing. “The agreement is a reaffirmation of our status as a leading manufacturer of modular housing around the world.”
Red Sea also has added a fiftieth country to its long list of countries where it has developed building projects. The project in Sierra Leone is a SR 850,000 contract for housing with Gateway Foods U.S.A. “Our project in Sierra Leone marks yet another milestone for Red Sea,” added Mark Sumner, General Manager of Red Sea Ghana. “With construction of our building units taking shape in fifty countries around the world, we have become a leading force in the global market for modular and remote site housing.”
“The double-play of the SAR 150,000,000 injection of working capital by our shareholders and the company recently being taken public has strengthened the company to compete globally,” stated Don Sumner, Red Sea’s CEO. “Recent events have proven the success of our long-term strategy and we are looking forward to benefiting from the current economic growth in Mega-projects in both the domestic and international marketplace.”
