ANNUAL REPORT 2022

Kuwait Shareholding Company (Public)

Incorporated in Kuwait under
An Amiri Decree no. (46) issued in 02/04/1974

Authorized Capital : KD 22,000,000

Kuwaiti Dinars Twenty Two Million

Issued & Paid-up Capital : KD 18,024,151.700

Kuwaiti Dinars Eighteen Million Twenty Four Thousand
One Hundred Fifty One and Seven Hundred Fils

Commercial Registration No : 20735

Head Office : Shuwaik Port, Gate No.7.
P.O.Box : 21998, Safat 13080, Kuwait
Tel : 2462 4000
Fax : 2483 0291
website : www.heisco.com
email : heisco@heisco.com

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ANNUAL REPORT 2022

His Highness The Crown Prince His Highness The Amir of Kuwait
Sheikh Meshal Al-Ahmed Al-Jaber Al-Sabah Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah

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ANNUAL REPORT 2022

CONTENTS
BOARD OF DIRECTORS ..................................................................................... 4
BOARD OF DIRECTORS REPORT ..................................................................... 5-15
INDEPENDENT AUDITOR'S REPORT ................................................................. 17-20
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2022 ...................... 21
CONSOLIDATED STATEMENT OF INCOME 2022 ............................................. 22
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 2022 ............ 23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2022 ...................... 24
CONSOLIDATED STATEMENT OF CASH FLOWS 2022 ................................... 25
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2022 ................ 26-54
HEISCO AT A GLANCE 2022 .............................................................................. 55-72
ANNUAL REPORT 2022

BOARD OF DIRECTORS
MARZOUQ NASSER MOHAMMED AL-KHARAFI
Chairman

BADR NASSER MOHAMMED AL-KHARAFI

Vice Chairman

ADNAN MUSAED KHALIFAH AL-KHARAFI

Board of Directors

HUSSEIN MORAD YOUSIF BEHBEHANI

Board of Directors

GHAZI AHMED AL ROUMI

Board of Directors

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ANNUAL REPORT 2022

BOARD OF DIRECTORS REPORT FOR 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public)

TO OUR SHAREHOLDERS, • Dry-Docking and Repairs of various Vessels i.e.

Tugs, ASD (Azimuth Stern Drive) Tugs, Work boats,
The Board of Directors of the Company conveys its Pilot boats of 14 Nos. for Kuwait Oil Company.
greetings and is pleased to express its deep appreciation
• Dry-Docking and Repairs of various Vessels of 12
for your continued interest in the achievements of the Nos. for Kuwait Coast Guard (Ministry of Interior)
fleet.
Company in all sectors.

The Board of Directors is pleased to submit the

• Dry-Docking and Repairs of various Vessels of 8
Nos. for Kuwait Navy Force (Ministry of Defence).
47th Annual Report which sets out the activities
and performance of the Company during the Year
• Dry-Docking and Repairs of various Fire Fighting
Vessels of 8 Nos. for Kuwait Fire Force.
2022, which also contains the main indicators of
the consolidated Financial Statements of Heavy
• Dry-Docking & Afloat Repairs of various Vessels
(i.e. Barges, Tugs, Crew Boats, Dipper Dredger &
Engineering Industries & Shipbuilding Company K.S.C Jack-up Barge) of 12 Nos. for M/s Gulf Dredging and
(Public) and its subsidiary, Gulf Dredging and General General Contracting Company, Kuwait.

Contracting Company K.S.C (Closed) for the year • Dry-Docking and General Repairs of various Vessels
ended on 31/12/2022. i.e. Barges, Tugs and Crew Boats of 5 Nos. for M/s
Hyundai Engineering & Construction Co. & Hyundai
Engineering & Steel Industries, Kuwait.
SHIPYARD OPERATIONS:
• Dry-Docking and General Services of various
Vessels i.e. Tugs, Pilot, Crew Boats of 6 Nos. for M/s
Projects Completed During the Year 2022:-
Naseeb Maritime Co. W.L.L, Kuwait.

Dry-Docking and Repairs of Kuwait Navy Vessels for the Ministry of Defence

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ANNUAL REPORT 2022

Alongside Repairs of Various Vessels for Local and International Clients

• Afloat Repairs of various Vessels of 4 Nos. for M/s • Dry-docking and Periodic overhaul of four (4) vessels
Smit Lamnalco, UAE. for Kuwait Joint Operations, Kingdom of Saudi
Arabia.
• Dry-Docking and Repairs of several Pleasure Boats,
Yachts of 17 Nos. for various Clients. • Maintenance, Installation & Supply of Spare Parts
of Vessel “BAHITH-2” for M/s Kuwait Institute of
• Underwater Diving Services, i.e. Hull Cleaning and Scientific Research (KISR).
Inspection (UWILD) of various Vessels of 15 Nos. for
different Clients.

• Underwater Diving Assistance for Replacement of

Fenders for M/s HEISCO (Oil & Gas), for Kuwait
National Petroluem Company..

• Fender modification of KOC Tugs of 6 Nos, Pilot &

Crew boats of 4 Nos for M/s Grandweld Shipyard,
UAE.

• Dry-docking and repair of Barge of 3 Nos. for TOA

Corporation, Kuwait.

• Dry dock, maintenance, fitting and supply of spare

parts required for General Directorate of Coast
Guard – Ministry of Interior, Kuwait.

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ANNUAL REPORT 2022

Projects Ongoing During the Year 2022:- Projects Awarded During the Year 2022:-

• Underwater Diving Assistance for Replacement of

Fenders with HEISCO (Oil & Gas Operations), for
Kuwait National Petroluem Company.

• Fender Modification of KOC Tugs of 6 Nos., Pilot &

Crew boats of 4 Nos for M/s Grandweld Shipyard,
(U.A.E.).

• Dry-docking and repair of Barge of 3 Nos for TOA

Corporation, (Japan).

• Provision of Offshore Support Services for Marine

Operations (For 5 years) for M/s Kuwait Oil Company,
Kuwait.

• Dry-docking and Repairs Block Agreement for KOTC

Nakilat Service Boats for M/s Kuwait Oil Tanker
Company, Kuwait.
Underwater Diving Jobs - UT Gauging
• Marine Construction and Repair Kuwait Navy
Base contract with M/s Gulf Dredging & General
Contracting Company, K.S.C., Kuwait (For United
• Dry-Docking and Repairs of Various Vessels for
States Marine Inc. – USMI, USA).
Kuwait Oil Company.

• Dry-Docking and Repairs of Various Vessels for

Kuwait Fire Force.

• Repair and Maintenance of the supporting Equipment

on Navy Force Boats (Kuwait Navy), for Ministry of
Defence, Kuwait (4 Years Contract).

• Supply of Marine Fleet Staff for Kuwait Oil Company

towards Operation, maintenance and general upkeep
of Kuwait Oil Company Marine Fleet.

• Dry-Docking, Installation of new Systems and

Equipment of private Yacht named Magellan, Kuwait.

• Maintenance, Installation & Supply of Spare Parts for

Vessel “Beeah-1” for Environment Public Authority
(EPA), Kuwait.

• Underwater Strainer Cleaning for Marine

Maintenance Services at MAA Refinery for HEISCO
Oil & Gas Operations for KNPC.

• Diving Operations for the underwater Survey of

Intake Channel at Az-zour South Power Station
with HEISCO Oil & Gas Operations for Ministry of
Electricity & Water & Renewable Energy.

• Dry-docking and Repairs Block Agreement for KOTC

Nakilat Service Boats for M/s Kuwait Oil Tanker
Company, Kuwait.

• Marine Construction and Repair Kuwait Navy

Base, contract with M/s Gulf Dredging & General
Contracting Company K.S.C., Kuwait (End User –
United States Marine Inc. - USMI, USA). Repair and Maintenance of Kuwait Navy Vessels
including Spare Parts for the Ministry of Defence,
• Supply
of Wartsila Special Tools for Kuwait Oil Kuwait
Company.
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ANNUAL REPORT 2022

HEISCO Shipyard Built-up Stand at SMM Exhibition from 6 - 9 September 2022 in Hamburg, Germany

Agreements & Other Achievements during the Year

2022:

• Renewal/ Amendments of Representative • Marketing Campaign carried out by publishing

Agreements with Local and International Clients. HEISCO Shipyard advertisements in various local/
international magazines, handbooks and websites.
• New Representative Agreements/ Service Also, updating the company website regularly.
Agreement with Local and International Companies.
• HEISCO Shipyard successfully participated as an
• Renewal of Membership of International Marine exhibitor in the 30th SMM (Shipbuilding, Machinery
Contractors Association (IMCA). and Marine Technology) Exhibition from 06-09
September 2022, the world’s leading International
• Renewalof Occupational Health & Safety
Maritime Industry Trade Fair held at Hamburg,
Management System Certification (ISO 45001:2018).
Germany.
• New Non-Disclosure Agreement/ Pre-Bid Agreement/ • HEISCO Shipyard reserved space stand for the next
Memorandum of Understanding with Local and
edition of SMLME (Seatrade Maritime & Logistics
International Companies for the upcoming potential
Middle East) Exhibition that will be at World Trade
projects.
Center, Dubai on 16-18 May 2023.
• Renewal/ Amendments of Non-Disclosure
Agreement/ Teaming Agreement/ Memorandum
of Understanding with Local and International
Companies for the upcoming potential projects.

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ANNUAL REPORT 2022

OIL & GAS OPERATIONS: • Nozzle repair works for EG2-C-8110 and other
fabrication jobs for EQUATE Petrochemical
C o m p a n y.
Projects Completed During the Year 2022:-
• Execution of mechanical, painting & insulation works
at plant location related to the KOC feed pipelines for
new refinery project (NRP) with the main contractor
for Kuwait Oil Company.

• Fabrication and Supply of Heat Exchanger for

Ethylene Glycol Unit 1 for EQUATE Petrochemical
Company.

• Fabrication
Kuwait Oil
and Supply of Flash Drain Vessel for
Company.

• Fabrication and Supply of Absorber Overhead

Knock Out Drum for Ethylene Unit -1 for EQUATE
Petrochemical Company.

• Hydro blasting Services for EQUATE Petrochemical

Company.
Sulphur Granulation and Conveying Unit in Az-zour
Projects Ongoing During the Year 2022:-
New Refinery Project (NRP)

• Procurement,
Maintenance
Construction, Commissioning and
for the Upgrade of Fuel Supply
Infrastructure in Doha West Power Station for
Ministry of Electricity & Water & Renewable Energy.

• Rehabilitation of plate, shell and tube type Heat

Exchangers in South & East Kuwait areas for Kuwait
Oil Company.

• Operations and maintenance of Sludge Handling

and Treatment Facility at Mina Abdullah Refinery for
Kuwait National Petroleum Company.

• Structural, mechanical, piping, electrical and

instrumentation works for additional Hydrogen
Recycle Compressor (Unit 33) with the main
Structural, Mechanical, Piping, Electrical and
contractor for Az-Zour New Refinery Project (NRP)
for Kuwait Integrated Petroleum Industries Company. Instrumentation Works for Sulphur Area at Az-zour
Refinery Project
• Structural, Mechanical, Piping, Electrical and
Instrumentation Works for Sulphur Granulation and
Conveying Unit in Az-zour New Refinery Project • Resident contract for mechanical and structural
(NRP) with the main contractor for Kuwait Integrated works for EQUATE Petrochemical Company.
Petroleum Industries Company.
• Annual maintenance works for mechanical equipment
• General construction works for compressors, utilities
and interconnecting sub areas and EPC for API tanks
at Az-zour South Power Station for the Ministry of
Electricity & Water & Renewable Energy.
of the EPC & C of Gas Train 5 Project at Mina Al-
Ahmadi Refinery with the main contractor for Kuwait • Workshop Support Services for Kuwait Oil Company.
National Petroleum Company.
• Mechanical Maintenance services at Mina Abdullah
• Piping fabrication and painting works for Az-zour
New Refinery Project (EPC Package 4) with the
Refinery for Kuwait National Petroleum Company.

main contractor for Kuwait Integrated Petroleum • Mechanical Manpower Supply for EQUATE
Industries Company. Petrochemical Company.

• Inspection, cleaning, grit blasting & painting of two • Secondment Manpower Supply Services for Kuwait
Utility Storage Tanks for EQUATE Petrochemical National Petroleum Company.
Company.

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ANNUAL REPORT 2022

• Decoking of various heaters by pigging method Projects Awarded During the Year 2022:-
in KNPC refineries for Kuwait National Petroleum
Company.

• General Support Services for LSP process for Joint

Operations at Wafra area.

• Construction of 11 kV elevated ESP area substations

4 and 5 in South and East Kuwait area for Kuwait Oil
Company.

• Structural, Mechanical, Piping, Electrical and

Instrumentation Works for Sulphur Area at Az-zour
Refinery project (EPC Package 2&3) with main
contractor for Kuwait Integrated Petroleum Industries
Company.

• Mechanical, Electrical, Instrumentation and Telecom Annual maintenance works for mechanical equipment
Works for Az-zour Refinery project (EPC Package
at Az-zour South Power Station for the Ministry of
4) with the main contractor for Kuwait Integrated
Electricity & Water & Renewable Energy.
Petroleum Industries Company.

• Building Works for New Gathering Centre GC-32 • Construction of Flowlines and Associated Works in
with the main contractor for Kuwait Oil Company. West Kuwait Area 2 for Kuwait Oil Company

• Professional Manpower Supply Services (PMSS) for • Fabrication and supply of Storage Tanks for Jurassic
Al-Khafji Joint Operations. Production Facility (JPF-4), North Kuwait with the
main contractor for Kuwait Oil Company.
• Revamp of boiler no. 1-6 of unit no.29 at Mina Al-
Ahmadi refinery with the main contractor for Kuwait
National Petroleum Company.
• Civil, Structural, Mechanical, Piping, Electrical
and Instrumentation works for the Construction of
Jurassic Production Facility at North Kuwait with the
• Replacement of Remote PLC I/O Modules of Berth main contractor for Kuwait Oil company.
5 & 6 Loading Arms in New Oil Pier (NOP) at MAA
Refinery for Kuwait National Petroleum Company. • Maintenance & Refurbishment of Mechanical Seal &
Mechanical Parts for Gas Turbine Units, Combined
• Installation of Flowlines for Producer Wells in UMM Cycle, RO Units at Az-Zour South Power Generation
NIQA for Kuwait Oil Company.
and Water Distillation Station for Ministry of Electricity
• South Kuwait Excavation, Transportation and & Water & Renewable Energy.
Remediation (SKETR) Project - Zone 2 Area for
Kuwait Oil Company. • Maintenance & Refurbishment of Mechanical Seal &
Mechanical Parts for Steam Units at Az-Zour South
• Calibration and Comprehensive Maintenance of Power Generation and Water Distillation Station for
Ministry of Electricity & Water & Renewable Energy.
Metering Systems at CNT Areas for Kuwait Oil
Company.
• Repair and Life Extension of Fuel Oil Tanks (Crude
• Construction of Flowlines and Associated Works in Oil, Heavy Oil and Diesel) including Fuel Lines
at Az-Zour South Power Generation and Water
West Kuwait Areas for Kuwait Oil Company.
Distillation Station for Ministry of Electricity & Water
• Maintenance Support Service for Export Facilities for & Renewable Energy.
Kuwait Oil Company.
• Annual Maintenance Works for Electrical Equipment
• Maintenance Support Services for Oil Movement at Az-Zour South Power Generation and Water
and Measurement Facilities for Kuwait Oil Company. Distillation Station for Ministry of Electricity & Water
& Renewable Energy.
• Rehabilitation of Plate and shell & Tube Type Heat
Exchangers for North and West Kuwait Areas for
Kuwait Oil Company.

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ANNUAL REPORT 2022

• Annual Maintenance Works for Electrical Equipment • Fabrication and Supply of Pressure Vessels & Skid
at Doha West Power Generation and Water Packages for Jurassic Production Facility JPF 4 &
Distillation Station for Ministry of Electricity & Water 5 (Oil Train Package) and JPF4 (EWTP Package)
& Renewable Energy. Project at North Kuwait with the main contractor for
Kuwait Oil Company.
• Rehabilitation of Plate, Shell and Tube Type Heat
Exchangers in South and East Kuwait Areas for • Design, Engineering, Procurement, Fabrication
Kuwait Oil Company. and Supply of Fuel Gas Scrubber (Catalyst Vessel)
for Renovation of Ahmadi Domestic & Southeast
• Additional 14” Mogas IRT Line from Mina Al-Ahmadi Ahmadi Domestic Fuel Gas Manifolds Project with
to Shuaiba and additional Inter-Connection 12” & the main contractor for Kuwait Oil Company.
14” lines at tankage area (TK-272 & 254) in Mina
Al-Ahmadi for Kuwait National Petroleum Company. • Replacement of Top Section in CDU Column (V-040-
001) in Unit #40 at Mina Al-Ahmadi Refinery with
• Mechanical Manpower Supply for EQUATE the main contractor for Kuwait National Petroleum
Petrochemical Company. Company.

• Enhancement of North Pier Integrity to facilitate

• Fabrication and Supply of Heat Exchanger
Export of Crude Oil and Hydrocarbons products up (Propane Sub Cooler) for Ethylene Unit for Equate
to the end of 2030 at Mina Al-Ahmadi Refinery for Petrochemical Company.
Kuwait National Petroleum Company.

• Turn Around – 2023: Mechanical Works related to

Sea Cooling Water Network Rehabilitation Project
for EQUATE Petrochemical Company.

Maintenance & Refurbishment of Mechanical Seal & Mechanical Parts for Gas Turbine Units, Combined Cycle, RO
Units at Az-Zour South PWDS

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ANNUAL REPORT 2022

GULF DREDGING & GENERAL CONTRACTING CO. K.S.C (Closed)

(Subsidiary)

Marine Maintenance Works at MAA Refinery for Kuwait National Petroleum Company

ONSHORE & OFFSHORE OPERATIONS:

Projects Completed During the Year 2022:-

• Cleaning and Maintenance Dredging of Port Basin • Design and Construction of Seaside Facilities
and Infront of Berths at Shuaiba Port for Kuwait Ports (Temporary Marine Facilities) – Ras Al-Ard Logistic
Authority. Station with Main contractor for US Army Corps of
Engineers.

Construction, Completion and Maintenance of 160 New Houses in South Ahmadi Area for KOC

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ANNUAL REPORT 2022

Design and Construction of Seaside Facilities– Ras Al-Ard Logistic Station

Projects Ongoing During the Year 2022:-

• Construction, completion and maintenance of 160 • Marine Maintenance Works at MAA Refinery for
New Houses in South Ahmadi area for Kuwait Oil Kuwait National Petroleum Company.
Company.
• Cleaning of Navigational Channel, Dock and Berths
• Maintenance Dredging of Seawater Intake Channel at at Shuwaikh Port for Kuwait Port Authority.
Subiya Power & Water Distillation Station for Ministry
of Electricity and Water & Renewable Energy.

Maintenance Dredging of Seawater Intake Channel at Subiya Power & Water Distillation Station -
Ministry of Electricity and Water & Renewable Energy

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ANNUAL REPORT 2022

Cleaning of Navigational Channel, Dock and Berths at Shuwaikh Port for Kuwait Port Authority

Projects Awarded During the Year 2022:-

• Kuwait Naval Base (KNB) Marine Construction and • Rehabilitation of Berths from 1 to 7 at Shuwaikh Port
Repair Project for US Army Corps of Engineers. for Kuwait Ports Authority.

• Shuaiba Oil Pier Repair & Strengthening Works for • Operation & Maintenance support Services for KOC
Kuwait National Petroleum Company. Offshore Facilities

• Rehabilitation of Wave Deflector Sea Wall at Shuaiba

Oil Pier for Kuwait National Petroleum Company.

HEISCO for Technical Specialized Manpower Supply Co. W.L.L

(Subsidiary)

Projects Awarded During the Year 2022:-

• Fire and Rescue Specialized Services for Kuwait

Integrated Petroleum Industries Company.

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ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS
• Revenue decreased from KD 128.582 Million in 2021 In conclusion, the Board of Directors expresses
its deep appreciation and thanks to His Highness
to KD 123.704 Million in 2022, reflecting an decrease
of (3.79)%. the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-
Sabah and His Highness the Crown Prince
• Gross Profit decreased from KD 10.922 Million in Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and
2021 to KD 9.664 Million in 2022. His Highness the Prime Minister Sheikh Sabah
Al-Khaled Al-Hamad Al-Sabah and all Ministries
• General and administrative expenses increased
and Official Departments of the State and to all
from KD 3,074,246 in 2021 to KD 3,588,192 in 2022.
Companies, Establishments, Institutions and
• Net Profit decreased from KD 6,375,241 in the year Banks which have cooperated with the Company
during the year 2022.
2021 to KD 5,627,213 in 2022.

• Earnings per share decreased from 35.37 fils in 2021 In particular, we express our thanks and
to 31.22 fils in 2022. appreciation to all the personnel of the Company
and wish them continued progress and success.

BOARD OF DIRECTORS

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company

K.S.C. (Public) and its Subsidiaries

CONSOLIDATED FINANCIAL STATEMENTS

AND AUDITOR’S REPORT
31 DECEMBER 2022

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ANNUAL REPORT 2022

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ANNUAL REPORT 2022

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ANNUAL REPORT 2022

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ANNUAL REPORT 2022

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

CONSOLIDATED STATEMENT OF INCOME

AS AT 31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -

YEAR ENDED AS AT 31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars)

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 Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -

YEAR ENDED 31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars)
ANNUAL REPORT 2022

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

CONSOLIDATED STATEMENT OF CASH FLOWS -

YEAR ENDED 31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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 Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)
ANNUAL REPORT 2022

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

52
 Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)
ANNUAL REPORT 2022

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ANNUAL REPORT 2022

Heavy Engineering Industries and Shipbuilding Company K.S.C. (Public) and its subsidiaries

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -

31 DECEMBER 2022
(All Amounts in Kuwaiti Dinars unless otherwise stated)

54
HEISCO AT A GLANCE
ANNUAL REPORT 2022

HEISCO AT A GLANCE

Oil & Gas Operations

HEISCO, formerly known as Kuwait Shipbuilding & Fields of Activity:

Repairyard Co. (KSRC), was established in 1974,
focusing on the shipping and maritime industry. In • Oil & Gas Construction Operations
2003, the company was officially renamed “Heavy
Engineering Industries & Shipbuilding Co. K.S.C.” • Shipyard Operations
Heavy Engineering Industries & Shipbuilding Co. • Industrial Maintenance Operations
K.S.C. (Public), [HEISCO], is a leading Engineering,
Procurement and Construction (EPC) contracting
• Fabrication Operations
company in the State of Kuwait, catering to oil & gas, • Trading Operations
refineries, petrochemicals, power, distillation and
desalination, shipbuilding, ship repair, dredging, and • Quality Control & Testing Services
marine construction sectors. HEISCO delivers diversified
services to the industry with civil, mechanical, electrical • Testing & Calibration Lab
and instrumentation constructions, maintenance,
fabrication, galvanizing, shipyard services and onshore
• Scaffolding Services
& offshore operations. • Galvanizing Plant
HEISCO is a Kuwaiti Shareholding Company listed on • Onshore and Offshore Operations (through Gulf
the Premier Market of the Boursa Kuwait. The “Premier Dredging & General Contracting Co. K.S.C. (Closed),
Market” is the flagship of the Boursa Kuwait Markets, a subsidiary company)
targeting companies with high liquidity and a medium
to large market capitalization based on performance • Technical Specialized Manpower Supply (through
Heisco for Technical Specialized Manpower Supply
and trading activities throughout the year.
Co. W.L.L., a Subsidiary Company)
HEISCO is a classed contractor of the Central Agency
for Public Tenders (CAPT) for Building Construction –
Category 1 and Electrical works – Category 2. HEISCO
has branches in Iraq and the Kingdom of Saudi Arabia,
and our Saudi Branch recently obtained Saudi Aramco
registration approval.

HEISCO’s commitment to its clients is proven by

its quality, health and safety, and environmental
certifications. HEISCO’s Quality Management System
is ISO 9001:2015 certified, the Occupational Health
& Safety Management System is ISO 45001:2018
certified, and the Environmental Management System
is ISO 14001:2015 certified.
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Oil & Gas Construction Pipeline

Oil & Gas Construction Operations was established
in 1982 with a view to expanding and diversifying
HEISCO’s activities into the oil & gas, petrochemical,
power, and water desalination sectors. The Company
has strong industry experience and provides a wide
range of services to regional and international clients
with particular emphasis on expertise, experience,
capabilities, and quality across all engineering and
management functions.
Activities in brief:
Mechanical Operations
Flowlines

Pipelines

HEISCO has an extensive experience in the

Engineering, Procurement and Construction of
pipeline projects in Kuwait, with safety as an important
cornerstone. The Company is an expert in large-
diameter and long-distance pipeline constructions and
executed a number of such pipeline projects of various
sizes and lengths in Kuwait.

The Company has successfully completed a subcontract

for the Low Sulphur Fuel Oil (LSFO) project, having
200 km of pipeline with a diameter of 48” and 600 km
Flowlines of pipeline with a diameter of various sizes up to 56” for
Kuwait Oil Company.
HEISCO executes its works from field survey and
Similarly, HEISCO has also successfully completed a
site investigation to the installation of flowlines and
contract of Engineering, Procurement, Construction
commissioning. It performs planning, procurement,
and Commissioning of Heavy Fuel Oil Pipelines having
supply of materials, supervision, fabrication, inspection,
120 km of 20” diameter pipelines in two parallel lines
and testing for the flowlines and pipelines of carbon
laid from Mina Ahmadi Refinery Pumping Station to
steels and RTP, the extension of headers/manifolds
the Doha Power Station for the Ministry of Electricity &
and construction of new remote manifolds with all
Water & Renewable Energy.
associated civil works.

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ANNUAL REPORT 2022

Plants
HEISCO has strong capabilities to execute major
plant construction projects. With highly qualified,
experienced, and skilled manpower and a large fleet
of construction equipment, HEISCO successfully
carried out construction activities from concept to
commissioning, committing to high-quality standards
and efficiency. The Company has a thriving track record
of working under extreme environmental conditions
to execute projects focusing on employees’ health
and safety and environmental protection and offers
multidisciplinary services. HEISCO’s best-in-class
execution practices, along with its proficiency, ensure
on-time delivery within the estimated budget.

The services involve project management, construction

management, site preparation, temporary facilities, Civil Operations
civil construction works, piping and structural
fabrication, mechanical construction works, electrical
and instrumentation works, start-up, commissioning Electrical & Instrumentation Operations
assistance, etc.
HEISCO is a recognized leader in electrical,
instrumentation and telecommunication services and
provides a wide range of services such as engineering,
construction, calibration, testing, pre-commissioning,
commissioning, maintenance, and troubleshooting.
The Company also delivers essential support and
solutions for construction, operation & maintenance, oil
& gas, and power projects.

Plants

Civil Operations
Civil construction is crucial to a project’s success.
HEISCO offers years of extensive experience in civil
construction and development. Its professional civil
construction team, along with dedicated technologies
and equipment, deals with the design, construction Electrical & Instrumentation Operations
and maintenance of Industrial civil construction and
infrastructure.
The Electrical and Instrumentation division is managed
The civil work ranges from excavation, backfilling, soil by highly qualified engineers and technicians. The
remediation and trenching to road and asphalt works, team has vast experience in large construction projects
construction of all kinds of buildings for control rooms, in electrical, instrumentation, telecommunication and
sub-stations, process and utility stations, construction cathodic protection systems. It is capable of carrying
of various types of foundations for static and rotary out precise jobs using HEISCO’s world-class facilities,
equipment, pipe rack and pipe supports and fabrication which are equipped with sophisticated instruments,
and installation of equipment platforms. equipment and tools.

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ANNUAL REPORT 2022

Tanks Operations Industrial Maintenance

Tanks Operations Industrial Maintenance

With decades of experience in manufacturing and HEISCO’s Industrial Maintenance Operations are
successful installations of storage tanks, HEISCO is recognized as one of the main providers of value-
capable of accomplishing EPC works of large diameter added services to prestigious clients such as EQUATE,
tanks with complex process-internals and structures, JO, KGOC, KNPC, KOC, Ministry of Electricity &
including process designing of internals and their Water & Renewable Energy and PIC. The Industrial
successful installation at project sites. At present, Maintenance team has vast experience, expertise, and
HEISCO is the only Kuwaiti company to possess KOC proficiency in complete industrial services. The team
approval for EPC of storage tanks up to the capacity of also provides technical support and solutions with
500,000 bbls. the highest standards of quality and safety in a cost-
effective way.
HEISCO is the first Kuwaiti company that built the
Maintenance Operations
largest tank ever constructed by a local company in
Kuwait. A storage tank of 64.8 m in diameter and 19.5
m in height has been constructed for the Lower Fars
Heavy Oil Development Program Phase-1 project in
South Tank Farm with the main contractor for Kuwait
Oil Company.

The Company has the complete in-house facilities for

full turnkey projects from design, detailed engineering,
procurement, and fabrication of tanks to site erection,
installation of interconnecting pipework, electrical
and instrumentation, painting, lining, and coating,
including pre-commissioning and commissioning. The
international standard codes followed are API 650,
API 620, or equivalent standards with all associated
standards of AWS A.I, ASME IX etc. and some specific
standards such as Swedish Sa for surface preparation
and SPCC specifications for painting, coating, or lining.
Maintenance Operations
HEISCO successfully completed the erection of two
aluminium domes weighing 133 tons each at the
Sulphur Granulation and Conveying Unit (K-037) for HEISCO is capable of executing maintenance of
Kuwait Integrated Petroleum Industries Company oilfield upstream facilities, various insulation and
(KIPIC). The domes were installed on top of two tanks cladding works, sludge treatment, etc. The Company
having a diameter of 86.5 m each. We accomplished also undertakes services such as maintenance
the task with the support of three man-lifts with a height and troubleshooting of rotary equipment, stationary
of 58.4 m. This work was the first of its kind in Kuwait. equipment, shell & tube and plate type heat exchangers,
filters, compressors, repairing and reconditioning of all
kinds of valves, overhauling of heavy-duty engines,

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ANNUAL REPORT 2022

reconditioning of engine components, repairing of HEISCO has a comprehensive in-house maintenance

heavy-duty radiators, and special machining of critical workshop facility equipped with the most modern
components by using CNC Machinery. machinery. A state-of-the-art heavy machinery
workshop has been built to deal with heavy rotating
The Company also undertakes complete plant machinery components such as turbine parts. The
shutdowns and unit-shutdowns on a full-responsibility CNC vertical turning lathe and 5 Axis CNC horizontal
basis. Additionally, Industrial Maintenance Operations boring machines installed in the workshop have the
has also been involved in the supply of professional, highest capacity of its kind in the Middle East region.
technical, and administrative manpower to KNPC and
KJO. In an industry that demands a quick response,
HEISCO’s experienced team is available 24/7 and Fabrication Operations
ensures safe, efficient, and quality services coupled
with cost-effective measures.

Power Plant Operations

Fabrication Operations

Along with the commitment to grow and further increase

Power Plant Operations the quality and efficiency of its current business units,
HEISCO also makes constant improvements in the
fabrication facilities to provide its clients with improved
With extensive experience in operation and services.
maintenance of power plants and with a wide range
Highlights:
of equipment, HEISCO executes complete onsite
maintenance of power stations necessary to run a
power plant in a safe, reliable, compliant, efficient and
• The only Kuwaiti company approved as the
manufacturer of indirect type Oil-fired Heaters
most economical manner.

Services under Power Plant Operations are annual

• Design and engineering capabilities with advanced
software including AME TANK V15.11.18, CAESAR-
shutdown works for boilers, chemical cleaning II V12, STAAD Pro (Connect Edition) V22.01.00.39,
operations, major overhauling of steam turbines, MAT3D 2019 (Foundation Design Suite)
rehabilitation of steam turbines and gas turbines, boiler V21.2.2606.401, PIPENET Vision (Spray/Sprinkler
combustion efficiency improvements, mechanical, and Standard) V1.11, CADWorx Plant Pro 2022,
electrical, instrumentation and control systems, CADWorx Plant Pro with P&ID 2022, NozzlePro
maintenance of water distillation units, re-carbonation V16.0, DIALUX V4.13,G-Star CAD 2023, BricsCAD
plant, fuel oil pumping station, compressors, pumps, 2022, TEKLA Structures 2021, PV ELITE & Codecalc,
distillation and intake facilities, ID/FD/GR fans and V2022, LANTEK Expert Cut II Plus – 2014, CutLogic
blowers, maintenance and re-tubing of plate type and 1D -V.4.5.0.466-2002-2011, Peddinghaus Shop data/
shell & tube type heat exchangers and fin fan coolers, Raptor-Peddinghaus software-2013, EPCPROMAN,
condensers, oil and air coolers, etc. Iso-Builder Piping K7 V1.7.14.14731, COMPRESS,
Build 8300, RAMP Piping V1.0.0.2139, Pipe Cut
Version 1.0.0.165, PipeLabelPrinter Version 1.0.1.4,
Joint Check Piping Version 1.0.0.0 (2020-11-11) and
Spool Finder V10.

• Independent in-house NDE and Material Testing

Facility
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ANNUAL REPORT 2022

In addition to Quality Management System Certification customers an unrivalled service, technical competence
of ISO 9001:2015, and Occupational Health and Safety and after-sales services.
Management System Certification of ISO 45001:2018
standards, the workshops facilities are certified by the Under the trading operations, HEISCO promotes
American Society of Mechanical Engineers (ASME) a variety of industrial products and the interests
and the National Board of Boiler and Pressure Vessel of sponsorship for recognized international EPC
Inspectors. HEISCO is authorized to put the U, U2, contractors in Kuwait, including pre-commissioning
S, PP and NB R stamps to its products and the API services.
Monograms for separators (API 12J-0016).
Some of the products promoted by HEISCO are Boiler
The Power Boilers/parts, Pressure Vessels/parts and and turbine spares, SMLS pipes (line pipes and flow
Power piping are constructed in accordance with pipes), casing and tubing, valves (ball, gate, globe and
ASME Boiler and Pressure Vessel Code Section I, check), RTP pipes and fittings, steel abrasives (steel
VIII Division 1/2 and ASME B31.1 respectively. Items grits and shots), blasting and painting equipment,
meeting all the requirements of the ASME Boiler and welding equipment and gas detection instruments,
Pressure Vessel construction Code are stamped coating and NDT instruments, NDT inspection
with ASME Certification Mark and relevant ASME equipment for tanks, pipes and vessels, hot tapping,
Certification Designators S / U / U2 / PP as applicable. leak sealing, composite pipe repair and nozzle testing,
Pressure retaining items that are repaired/altered/re- wellhead Christmas tree, SSV and a complete range of
rated in accordance with National Board Inspection drilling and wellhead equipment.
Code are marked with R Stamp.
Quality Control & Testing Services
The company offers an array of products such as
specialized pressure vessels, industrial modular
structures, process equipment including skid packages,
separators, desalters, scraper traps/pig launchers and
receivers, heaters, reactors, power boilers, column and
towers, shell and tube heat exchangers, shop fabricated
tanks, prefabricated pipe spools, etc. HEISCO is the
first Kuwaiti company to have a fully automated piping
spool fabrication system in Kuwait. It has dedicated
facilities for the fabrication of large, prefabricated pipe
spools for mega projects.

Trading Operations

Quality Control and Testing

To ensure the fulfilment of its contractual safety and

legal obligations, HEISCO has set up an entirely
independent quality control department in accordance
with international quality systems. HEISCO’s quality
management system is ISO 9001:2015 certified and
complies with API-Q1 specifications.

Today, HEISCO is one of the leading companies that

provides QC services to various clients, contractors
in Oil & Gas, Refineries, Petrochemicals and Power
Trading Operations Sectors in Kuwait.

HEISCO has cutting-edge technology, the most modern

HEISCO’s dynamic sales & marketing team is testing equipment, highly skilled NDT technicians,
responsible for promoting and marketing the products, inspectors and inspection engineers to meet project
equipment, and services of leading international requirements related to Quality Control, Inspection,
companies to the local marine industry, oil & gas, power and NDT Services.
and water desalination sectors. HEISCO offers its

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Testing & Calibration Laboratory Scaffolding Services

HEISCO’s Scaffolding Unit caters to the scaffolding
requirements of a variety of projects and maintains
a strong working relationship with our clients. Our
Scaffolding team is aware of the clients’ expectations
and know-how to achieve satisfaction, trust, and
reliability of our customers in terms of quality, safety and
time. We believe that safety is our highest commitment.
We have a clean record and high rating in providing
Scaffolding Services. Our scaffolding protects our
people by providing the safest platform to stand on and
work with both hands free. The scaffolding is important
where there is maintenance and repair; there is no
other way to reach different heights safely.

Testing & Calibration Laboratory

HEISCO’s Testing & Calibration Laboratory, initially

established to provide in-house testing & calibration
services, grew rapidly to cater its services to external
customers for oil & gas, petrochemicals, infrastructure,
electrical, power and water sectors. The laboratory has
the capability to provide a wide range of competitive and
comprehensive testing and calibration services for in-
house, on-site and third-party inspection for specialized
instruments. It has a highly qualified and trained
professional team to perform the Testing & Calibration
services with high quality, accuracy, and reliability to
various in-house projects/external customers. Scaffolding Services
The laboratory is ISO 9001 certified and accredited for
technical competence in the fields of calibration and
mechanical testing in accordance with the international
standard ISO/IEC 17025 by the American Association
for Laboratory Accreditation (A2LA).

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Galvanizing Plant
Galvanization is one of the best forms of corrosion
protection. It is the process of applying a protective zinc
coating to steel or iron to prevent corrosion. HEISCO
offers hot-dip galvanizing service to a wide variety
of steel components, ensuring the best service and
quality possible.

With the most modern equipment and environment-

friendly technology, HEISCO is capable of galvanizing
steel components on a large scale. The automated
material handling and processing equipment, along
with a remote-controlled dipping system, deliver a
consistent coating for long-life protection against
corrosion.

Galvanizing Plant

HEISCO has a state-of-the-art Galvanization plant

located in Shuaiba industrial area, Kuwait. The plant
caters to the requirements of its various clients and
customers for oil & gas, petrochemicals, infrastructure,
electrical, power and water sectors. Furthermore, it is
highly automated and has the lowest emissions of any
hot-dip galvanizing plants in Kuwait.

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Shipyard Operations:

Shipyard Workshop - Dynamic Propeller Balancing

Conveniently located in Shuwaikh deep water harbor, HEISCO is proud of its long reference list including
the shipyard is ideally placed to execute ship repair, major local, regional and international clients.
ship refurbishment and new construction at competitive
rates with the highest quality. HEISCO is an international ship repair & shipbuilding
company which aims to be the leader among Middle
HEISCO’s skilled and well trained workforce has the East shipyards by utilizing state- of -the-art equipment.
ability to work in both marine and industrial fields.

Together with modern equipment and strong yard

management team, HEISCO provides the perfect
combination to ensure excellent quality and delivery on
time.

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Workshops are equipped with Machines and accessories such as:

• LAYHER Scaffolding Marine Materials
• Pneumatic Paint Agitator (Air Mixer)
• Misc. Types of Vapor Abrasive Blast Equipment
• GRACO Airless Paint Spray Machine
• High Pressure Water Pump (FALCH) Trail Jet 500 Bar
• High Pressure Water Pump (FALCH) Base Jet 500 Bar
• High Pressure Water Pump (FALCH) Trail Jet 2500 Bar
• Cable Tags Portable Embossing Machine
• Refrigerator System Analyzer
• Ajax Centre Lathe Machine 10m Length
• Shaft Straightness Machine 10000 Psi
• Laser Shaft Alignment Machine
• Machine Condition Advisor Machine
• Stick Plasma And Mig Welding Machines With Wire Feeder
• Steel-Grit Abrasive Closed Blasting Room
• Down-Draft Dry-Type Closed Paint Booth
• CNC Plasma / Oxy-Acetylene Plate Cutting Machine
• Electronic Power Frequency Converter 60Hz / 440V
• Oil Filtration & Flushing System
• SCHENCK Propeller & Rotor Balancing Machine (HM40U 3 Tons)
• Resistive Load Bank 1000Kw, 440V/3ph, 50/60Hz with handheld control
• Carpentry Workshop equipped with Sliding Table Panel Saw, Band Saw, Table Saw. Multi Planer, Wood Turner Machine
and Hydraulic Press Machine

• Trail Jet 125 2500-26-0-D (High Pressure Water Jet Unit 2500 Bar)
• Trail Jet 30 500-30-0-D (High Pressure Water Jet Unit 500 Bar)
• WIWA Mortar Pump Model # 60012 – For Deck Application of Non-skid
• Digital Laser Coupling Alignment Machine SKF Type
• Horizontal Boring Machine (Keearns) 1200mm Table Traveling up to 6 Tons Weight
• Knuth 3 Rolls Motorized Plate Rolling Machine
• Bakker Ridderkerk 300 Tons Double Column Press Hydraulic

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Syncrolift

Shipyard Facilities:
• Syncrolift accommodates vessels up to 5,000 ton • 5 Berths, ranging from 90 meters to 230 meters with
dwt. cranes.

•7 Repair Bays, ranging in length from 90 to 130 • Floating dry dock, length 190 meters, width 32
meters, linked by a transfer system. meters, caters for vessels up to 35,000 ton dwt.

• 5 Cranes, 10 to 30 tons, cover the yard areas.

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Floating Dock

Shipyard Services: Underwater and Diving services following the

International Marine Contractors Association (IMCA)
standards. The services include but not limited to:
The shipyard provides a wide range of
services, including but not limited to: • Underwater inspection & survey.
• Afloat repairs. • Underwater cleaning.
• Modification and conversion of vessels. • Underwater permanent/temporary repairs.
• Shipbuilding of specialized vessels. • Underwater cutting/welding.
• Steel and Aluminum Construction.
• Repair, testing, calibration of equipment and
machinery.

• Jet Propulsion, Repair / Overhauling.

• Diesel Engines Overhauls
• Ship Refurbishment.
• SPMs refurbishment & building.
• Agent for International Marine Equipment and
Devices Vendors.

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GULF DREDGING & GENERAL CONTRACTING CO. K.S.C (Closed)

Cutter Suction Dredger - GD 4000

Gulf Dredging & General Contracting Company K.S.C After the privatization of the Government of the State
(Closed) [Gulf Dredging] was formed in 1975 as a Joint of Kuwait, Gulf Dredging became a subsidiary of the
Shareholding Company of the Government of Kuwait Heavy Engineering Industries & Shipbuilding Co.
and Ballast Nedam Company of the Netherlands to K.S.C (Public) – (HEISCO). In 1999 Gulf Dredging
cater to the growing requirement of dredging in and Management established a civil construction division
around Kuwait. Initially focusing on dredging with to carry out civil and infrastructure works and executed
Backhoe Dredger and Allied equipment, the Company several complex projects. Since then, Gulf Dredging
concentrated on the Capital Dredging Projects in has been classified as a Class-I Civil Contractor by the
Kuwait. Later in 1980, the Company diversified into Central Agency for Public Tenders (CAPT) of the State
other areas of Marine Construction. of Kuwait. As part of the business expansion strategy,
Gulf Dredging started branches in Al Khafji, Kingdom
of Saudi Arabia, in 2005 and the Republic of Iraq in
2019. The present paid-up capital of Gulf Dredging is
KD 10,399,961.

Hopper Dredger - GD 3000

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Equipment Barge at Marine Maintenance Works - Mina Al Ahmadi Refinery - Kuwait

Activities in Brief:

Offshore Operations:
• Dredging and Reclamation • Offshore Cable Pulling Works
• Construction of Ports, Harbors & Marinas • Bathymetric, Hydrographic and Topographic Surveys
• Construction of Wharfs and Berths • Piling Works
• Breakwaters and Revetments • Marine Transportation of Bulk Cargo
• Offshore Pipelines and Intake/Outfall Structures • Various Maintenance Services

Offloading Jetty at Ras Al - Ard Logistics Station, Kuwait (USACE)

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Bulk Cargo Barges

Onshore Operations: Gulf Dredging has its presence in the

following Countries:
• Construction and Infrastructure Works
• Steel Structure Works • Kingdom of Saudi Arabia (Branch Office)
• Soil Treatment • Republic of Iraq (Branch Office)
• Dewatering • State of Qatar
• Piling Works • Sultanate of Oman
• Value Engineering

Berthing Facilities at Shuwaikh Port, Kuwait

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Heavy Equipment Yard

Certifications:
• Class-I in Civil Construction Works & Class-IV in • Member of IMCA (International Marine Contractors
Roads & Infrastructure works by Central Agency for Association)
Public Tenders (CAPT).
• ISO 9001:2015
• Approved Civil & Marine Contractor with Kuwait
• ISO 14001:2015
National Petroleum Company.

• Approved subcontractor for Seawater Intake and • ISO 45001:2018

Outfall works by Ministry of Electricity and Water &
Renewable Energy. • Registered with SAM (System for Award Management
– Official US Government System)

Heavy Equipment Yard

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Resources
Offshore Equipment: Onshore Equipment:

Gulf Dredging is well equipped with Off- GD is well equipped with Land Equipment
shore Equipment comprising of: comprising of:

• Cutter
Suction, Dipper and Trailor Suction Hoper • Heavy Lifting Mobile & Crawler Cranes (Capacity
Dredgers(TSHD) from 50 ton to 280 tons)

• Tug Boats • Earth Moving Equipment, Bulldozers, Wheel

Loaders, Graders and Excavators
• Work Boats
• Piling Rigs for Sheet, Concrete and Steel Tubular
• Survey Boats Piles with capacity to drive up to dia 2850 mm

• Fuel Supply Boats • Auguring and Boring Equipment

• Multicat Boat / 7ton crane / fuel supply • Dewatering Equipment
• Jack-up Barge (Self Elevating Platform) • Logistics:
• Split Hopper Barges • Capable of Sea Bulk Cargo Transport using Barges
with Capacity up to 14000 Mt.
• Cargo Barges (Flat Top) up to 14000 Mt
• Flat Top Barges (for Marine Construction) • Capable of Land Transport using Fleet of Rock Body
Trucks / Trailers.
• A Frame Barge for fuel supply and anchor handling • Loading and Offloading Facility at Shuwaikh Port.
• Diving Barges
• Anchor Pontoons for Dredger Floating Pipelines
• Speed Boats

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