Red Sea to build 2 housing compounds, office complex for Larsen & Toubro

Red Sea International Co. has signed a contract with Larsen & Toubro (L&T) to build two full-fledged turnkey residential compounds in addition to an office complex.

The projects will support L&T’s operations in Mansourah & Massarah Gold Project (MMGP), the company said in a bourse statement.

The agreement also comprises carrying out the civil works, in addition to providing, installing and operating the manufactured modular buildings at the L&T MMGP site.

The contract's value exceeds 5 percent of total revenue as per fiscal year 2018 (FY18) audited financial statements.

The project will take seven months, as of Sep. 15, 2019, and is expected for delivery in April 2020.

The relevant financial impact will reflect on financials as of Q3 2019 until Q2 2020.

No third parties are involved in the deal, the statement added.

Red Sea International Co. is a leading manufacturer of modular buildings in the GCC region with over 40 years of experience in Middle East, Asia and Africa.