Kuwait-listed Heavy Engineering Industries & Shipbuilding Co. (Heisco) has secured a new credit facilities agreement for up to KD 40 million ($129.3 million).

The financing deal, which the contracting firm has signed with one of the local banks, will help fund the company’s activities, Heisco said on Monday.

The firm did not disclose the name of the bank.

Heisco has recently made a KD 13.8 million bid for an oil and gas project for Kuwait Oil Company. The project includes repair and revamp of the state-owned company’s production facilities in the North Kuwait area.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)