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Kuwait’s Heavy Engineering Industries & Shipbuilding Company (Heisco) has been awarded a contract for flowlines and associated works in North Kuwait by the state-owned upstream operator Kuwait Oil Company (KOC).

In a statement to Kuwait’s stock exchange, Heisco said it had received a formal contract award letter for the project, valued at KD174.2m ($565m).

The contract was awarded under Tender No. RFP-2141028 and was approved by Kuwait’s Central Agency for Public Tenders.

Heisco was the fourth-lowest bidder for the contract.

In its stock market statement, Heisco said that the financial impact of the contract will be determined at a later stage, with further updates to be provided as the project progresses.

Heisco has also signed a renewal agreement with a local bank for a KD50m ($165m) loan.

The company said in a disclosure statement that the loan is intended to finance Heisco’s activities in Kuwait and other countries.

“Our company has renewed the credit facilities agreement with one of the local banks to finance its activities,” it said.

Earlier this month, Heisco submitted the lowest bid for a project to upgrade part of the Mina Abdullah refinery’s export infrastructure.

It submitted a bid of KD11,919,652 ($38.6m) for the project to implement renovation works on the artificial island that forms part of the port at the refinery.

The only other bidder was Kuwait’s International Marine Construction Company (IMCC), which submitted a bid of KD12,480,113 ($40.4m).

Kuwait is currently seeing significant disruption to its oil and gas sector due to fallout from the US and Israel’s war with Iran.

The Mina Abdullah refinery was integrated with the Mina Al-Ahmadi refinery as part of the $16bn Clean Fuels Project, which came online in 2021.

Several units at the Mina Al-Ahmadi Refinery were shut down after the refinery was hit by drone attacks last month.

READ THE APRIL 2026 MEED BUSINESS REVIEW – click here to view PDF

Economic shock threatens long-term outlook; Riyadh adjusts to fiscal and geopolitical risk; GCC contractor ranking reflects gigaprojects slowdown.

Distributed to senior decision-makers in the region and around the world, the April 2026 edition of MEED Business Review includes: