Saudi Aramco, Mcdermott sign deal for new oil services facility

An Aramco oil tank is seen at the Production facility at Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabia May 22, 2018. (Reuters)
Updated 26 March 2019
Follow

Saudi Aramco, Mcdermott sign deal for new oil services facility

  • Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc

CAIRO: Saudi Aramco signed a land lease agreement with McDermott Arabia Company on Tuesday to establish an engineering, procurement, construction, and installation facility in the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia. 

A joint press release said that Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc, to establish a fabrication facility that will be used for large scale fabrication of offshore platforms and onshore/offshore modules. 

Saudi Aramco Senior Vice President of Technical Services, Ahmad Al Sa’adi said the facility would serve as a major engineering, procurement, construction, and installation hub not only the Kingdom, but for the GCC region.


Al-Modawat Specialized Medical profit jumps 212% in 2025  

Updated 5 sec ago
Follow

Al-Modawat Specialized Medical profit jumps 212% in 2025  

RIYADH: Al-Modawat Specialized Medical Co.’s net profit rose 212.44 percent year on year to SR18.9 million in 2025, according to a Tadawul filing. 

The company reported revenue growth of 61 percent to SR121.8 million during the year, while expenses increased at a slower pace of 48 percent, reflecting improved operational efficiency and service performance. 

Al-Modawat attributed the strong performance to the commissioning of parts of its previously announced expansion projects and improvements in service quality, which supported higher patient volumes and operating efficiency. 

It added that the results align with its strategy to provide comprehensive, high-quality medical services in line with international standards. 

The bourse filing added that higher sales revenue was driven by the commissioning of part of its previously announced expansion projects, alongside a notable improvement in service quality.