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State oil giant Saudi Aramco has awarded a new contract worth SAR 186 million ($49.6 million) to spiral pipe maker Group Five Pipe Saudi Co.
The deal includes the manufacture and supply of spiral-welded steel pipes, Group Five said in a disclosure on the Saudi Stock Exchange (Tadawul), where its shares trade.
The materials are meant for one of the projects owned by Saudi Aramco, the firm said, without divulging further details.
The financial impact of the deal will be reflected starting from the second quarter of 2025.
The Aramco deal is the second major contract the company announced since late March this year, when it signed a SAR 3 billion deal with Saline Water Conversion Corporation (SWCC).
(Writing by Cleofe Maceda; editing by Seban Scaria)
