Mohammad Al Mojil wins $169.5m Aramco dealsby Ben Roberts on May 9, 2011
Mohammad Al Mojil Group said it has been awarded two contracts worth $169.5m (SAR 636m) by Saudi Aramco for the building and installations at the company’s gas plant.
The civil engineering firm is contracted for 37 months, according to an investor note on the Tadawul, Saudi Arabia’s stock exchange.
MMG’s spokesperson declined to give further details on the projects, except to confirm the combined contract value and the fact that there are two projects. A press conference will be “held shortly” instead.
MMG has a specialism as an industrial and civil contractor, and is the only contractor with a licence to perform live welding on rigs. It is regularly employed by Saudi Aramco, and in March it was handed an SAR220m contract by the state-backed oil producer to design, build and install a gas plant in Wasit. It will also provide equipment and the installation of systems that will link the Yanbu Refinery Complex, a three-year contract worth $216m.
But in the last year it has attempted to diversify its offering into utilities projects, as well as looking beyond Saudi Arabia’s borders.
In January the company announced it is to co-run a joint venture in AbuDhabi with UAE investment firm National Holding that will give the contractor a presence in the capital. The civil engineering firm will target projects in the oil and gas, energy and utilities and petrochemicals sectors in the UAE’s biggest emirate, and will own 49% of the new venture.
In February the company purchased 20% of Saudi Massadr, a power and water project management company.
MMG's first quarter net profit rose 214% to SAR32.6m against the same period last year.
Meanwhile, Abdullah A. M. Al-Khodari Sons Company, the contractor that listed in Riyadh last year, said it had received an award letter from the Ministry of Municipal & Rural Affairs to clean Skaka City. The contract is worth SAR23.9m and runs for three years.
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