Hyundai Engineering & Construction (000720) raised the value of a Saudi Aramco offshore gas project contract by 12.3% to 1,664.4 billion won (~$1.2bn), the company said in a filing dated August 31.
The deal covers Package #12, flare and piperack facilities, for the onshore plant expansion tied to Aramco's Marjan offshore field in eastern Saudi Arabia. The increase raised the price from 1,481.6 billion won, adding about 182.9 billion won (~$132m). It is at least the seventh amendment to a contract Hyundai E&C first signed in June 2019.
The filing does not explain what drove the increase and says the contract price and schedule can still change as construction continues. The new completion date is March 2027, more than seven years after the original 2019 start.
The revised contract equals 5.4% of Hyundai E&C's 31,062.9 billion won in FY2025 revenue, using the company's current financials rather than the older revenue base the filing itself cites.
Neither Hyundai E&C nor Saudi Aramco commented beyond the filing. The project has now been amended seven times since 2019, with the contract value up from an original 1,158.2 million-dollar figure at signing to about $1.2bn today.
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| Symbol | Last Price |
|---|---|
| 000720Hyundai Engineering & Construction Co., Ltd. | ₩119,700 +0.2% |