Saudi Electricity Company (SEC) has awarded a contract worth SR744 million ($198.3 million) to Al Gihaz Contracting Company for setting up a 380/132kV gas insulated substation within the mega futuristic city NEOM in the north west of Saudi Arabia.
Al Gihaz Contracting, part of Saudi Arabia-headquartered Al Gihaz Holding, has acquired the assets, intellectual property and management system of a subsea trenching company based in Blyth.
Enshore Subsea saved from closure after being acquired by Saudi energy firm
The company had been earmarked for closure by its owner DeepOcean
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The future of North East offshore specialist Enshore Subsea has been secured after the company was snapped up by a Saudi Arabian energy company.
Saudi-based Al Gihaz Contracting has announced the acquisition of Enshore Subsea, a UK-based subsea trenching company. This will pave the way for creation of a new joint venture that will offer seabed intervention and construction management services.