Kuwait-based Heavy Engineering Industries and Shipbuilding Company (HEISCO) has strengthened its financial position by renewing and securing multiple credit facilities with local banks, according to a stock exchange filing.
The agreements include a KWD 32.1 mln (USD 104.5) credit facility for HEISCO and a KWD 41.5 mln (USD 135 mln) facility for its subsidiary, Gulf Dredging & General Contracting, primarily intended to finance ongoing project activities, working capital and operational requirements.
Established in 1974 and rebranded in 2003, HEISCO is a major EPC contractor in Kuwait. Its operations cover shipyard services, oil and gas construction, industrial maintenance, fabrication, trading, galvanizing and scaffolding. The company operates fabrication facilities in Mina Abdullah and Shuwaikh, with capabilities including the production of pressure vessels, heat exchangers and piping spools.
1 USD / 0.3 KWD
