Mubasher: National Petroleum Services (Napesco) has received a direct letter of award for a contract valued at KWD 15 million ($49.4 million).

The contract covers the joint operations of Kuwait Gulf Oil Co and Kuwait-based Saudi Arabian Chevron Inc, according to a bourse statement on Monday.

Napesco clarified that the contract will be effective starting from 16 December 2018 for five years.

The company expects a profit margin accounting for 10% of the contract’s value or KWD 1.5 million.