Red Sea International Company (RSI), Saudi Arabia-based modular building solution provider, has signed a contract with Schlumberger, American oilfield services company, to extend the management period of a mobile complex of prefabricated buildings to support its oil drilling operations in the Kingdom’s Eastern Province.
The 7-year extension contract worth $19.4 million, RSI will offer key facility management (FM) services including catering, laundry and power generation, the company stated in its filing to the Saudi bourse.
The camp consists of various fully furnished modular units that are used as admin offices and accommodations. They are built of high-quality components to sustain the harsh weather conditions and continuous mobilizations to the different drilling locations.
The financial impact of the contract is to achieve revenues and profits from the first quarter (Q1) of 2022, noting that there are no related parties in the contract, the company’s statement added.
Red Sea International Company
Founded in 1967, Red Sea International Company (RSI) is a leading Saudi company in the field of offering modular solutions and construction of high-quality administrative and residential complexes and field hospitals in very short periods and readying the necessary infrastructure for various sectors. The company is an expert in operating these complexes and offering all living requirements for guests during occupancy.
Schlumberger is the world’s leading oilfield services company supplying technology, integrated project management, and information solutions that optimize performance for customers working in the oil and gas industry. The company supplies a wide range of products and services including advanced seismic acquisition and processing, formation evaluation, and directional drilling and many more.