Riyadh – Mubasher: Red Sea International Company has signed a contract worth $14.24 million (SAR 53.42 million) with Samsung C&T to support the Abu Dhabi National Oil Company's (ADNOC) initiative to decarbonise onshore and offshore production operations in the UAE.
Under the contract, the Saudi Arabia-based Red Sea International will design, supply, and construct three accommodation complexes of modular units for Samsung C&T in Abu Dhabi, according to a bourse filing on Wednesday.
To accommodate up to 800 professionals, the complexes will be established in Al Mirfa and Shuweihat, onshore locations, and Das Island, an offshore location in Abu Dhabi.
The eight-month contract's revenues and profits will be realised from the second quarter (Q2) of 2022.
This step is in line with the $3.6 billion strategic project announced by ADNOC and Abu Dhabi National Energy Company (TAQA) to decarbonise ADNOC’s offshore production operations.
