Heavy Engineering Industries and Shipbuilding Co

What Heavy Engineering Industries and Shipbuilding Co does

Heavy Engineering Industries & Shipbuilding Co. K.S.C. (HEISCO) is a Kuwaiti public shareholding company listed on the Premier Market of the Kuwait Stock Exchange (ticker: SHIP), operating as a diversified Engineering, Procurement, and Construction (EPC) contractor with 10,000+ employees. Founded in 1974 as Kuwait Shipbuilding & Repair Yard Co. (KSRC) and renamed in 2003, HEISCO has built a 50-year track record serving national oil companies, government ministries, and industrial clients across the GCC. The company operates five integrated divisions: Shipyard Operations (14,000-ton floating dock, 5,000 dwt syncrolift, IMCA-certified diving fleet), Oil & Gas Construction (pipelines, flowlines, storage tanks, process plants), Industrial Maintenance (multi-year O&M contracts with refineries and power plants), Fabrication (ASME/NB-certified pressure vessels and process equipment), and Quality Services (NDT, heat treatment, ISO 17025-accredited testing/calibration).

HEISCO generates revenue primarily through competitive public tenders and direct contracting with Kuwait's national oil companies (KOC, KNPC, KIPIC) and the Ministry of Electricity, Water & Renewable Energy (MEWRE), complemented by consortium arrangements with international EPC firms such as IHI, MPL, ENPPI, Tecnicas Reunidas, and VA Tech Wabag. Revenue streams include one-time EPC lump-sum contracts, multi-year recurring maintenance agreements, shipyard service contracts, specialized technical services (NDT, inspection, calibration), and fabrication sales. The company is pre-qualified with Saudi Aramco, Saudi Electricity Company, SABIC, NEOM, and the National Water Company, enabling multi-country operations. Recent mega-project awards include a $372 million Doha SWRO Desalination Plant Stage II joint venture (June 2026) and major consortium shares exceeding $200 million with IHI and MPL for power plant rehabilitation at Doha West and Az-Zour South.

The company's competitive position rests on Category 1 CAPT approval, exclusive Kuwaiti credentials in mega-tank and specialty heater fabrication, and capital-intensive shipyard and workshop infrastructure that is difficult to replicate. Three wholly-owned subsidiaries (Gulf Dredging, HEISCO Manpower Supply, and HEISCO Engineering India) extend capabilities across marine construction, staffing, and offshore engineering design. Geographic expansion has progressed from Kuwait into Saudi Arabia (regional branch since 2021), India (engineering subsidiary since 2024), and Iraq, with the diversification strategy targeting verticals beyond oil and gas into water desalination and power infrastructure.

Name

Heavy Engineering Industries and Shipbuilding Co

Legal name

Heavy Engineering Industries & Shipbuilding Co. K.S.C. (Public)

Website

https://heisco.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

HEISCO is a Kuwaiti public EPC contractor providing oil and gas construction, industrial maintenance, shipbuilding/repair, and fabrication services to national oil companies and government ministries across the GCC, with growing presence in Saudi Arabia and India.

Ownership category

akta.pro rank

Product category

Heavy Industrial EPC Contracting

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Heavy Construction Other Than Bldg Const - Contractors (1600)

akta.pro primary industry

Process Plant & Materials Handling EPC (Crushing, Conveying, Stockpiles, Loadout) (IMAKAOAE)

akta.pro secondary industry

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM)

Keywords

• Heavy engineering construction
• Shipbuilding and repair
• Oil and gas EPC
• Industrial maintenance services
• Marine offshore services

Headquarters

HQ city

Safat

HQ country

Kuwait

HQ region

Middle East

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. EPC Construction Contracts: HEISCO generates the majority of its revenue through lump-sum Engineering, Procurement, and Construction (EPC) contracts awarded via competitive tendering from government ministries (MEW, MEWRE), national oil companies (KOC, KNPC, KIPIC), and international clients. Contracts range from a few million to hundreds of millions of dollars and include firm-price, reimbursable, and consortium arrangements.
2. Long-Term Maintenance Contracts: HEISCO secures multi-year operation and maintenance contracts (O&M) with major clients, providing ongoing mechanical, electrical, and instrumentation maintenance for refineries, power plants, and oil field facilities. These contracts provide recurring revenue streams over contract durations of 1 to 5+ years.
3. Shipyard Services: Revenue from ship repair, shipbuilding, afloat/port repairs, offshore diving services, and marine fleet manning. Services are billed on a project or service contract basis.
4. Specialized Technical Services: Revenue from NDT, heat treatment, third-party inspection, mechanical testing, calibration, scaffolding, and galvanizing services offered to external clients. These are billed on a per-project or service contract basis.
5. Fabrication and Manufacturing: Revenue from manufacturing pressure vessels, columns, towers, heat exchangers, separators, skid packages, and other process equipment sold to clients under fabrication contracts. Certified to ASME/NB standards.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

HEISCO is an Engineering, Procurement and Construction (EPC) contracting company that delivers heavy industrial, marine, and oil & gas infrastructure projects across Kuwait and the GCC. It operates shipyard and repair facilities, executes mechanical, civil, electrical and pipeline construction, fabricates ASME-certified pressure vessels and storage tanks, and provides long-term industrial maintenance plus offshore/subsea services. The company serves national oil companies, government ministries, and large industrial clients on multi-year contract and tender basis.

Product overview

Heavy Engineering Industries & Shipbuilding Co. (HEISCO) is a Kuwaiti EPC (Engineering, Procurement, and Construction) contracting company offering an integrated portfolio of industrial services across multiple sectors. The company operates through five core service divisions: Shipyard Operations (shipbuilding, repair, rehabilitation, offshore/diving services), Oil & Gas Construction (EPC for pipelines, flowlines, plants, civil, electrical/instrumentation, tanks), Industrial Maintenance Operations, Fabrication Operations (pressure vessels, heat exchangers, storage tanks, pipe spools), and Quality Services (NDT, heat treatment, inspection, testing, calibration). Supporting services include Trading Operations, Scaffolding Services, and Galvanizing Plant. The company also maintains three subsidiaries: Gulf Dredging & General Contracting (dredging and marine construction), HEISCO for Technical Specialized Manpower Supply, and HEISCO Engineering India (engineering design). This is not a software product company; all offerings are service-based EPC and maintenance contracts primarily serving the oil and gas, petrochemical, power, water desalination, and maritime sectors in Kuwait and the GCC region.

Differentiator

Problem solved

Functional benefit

Products and services

• Shipyard Operations Comprehensive marine services including ship repair, ship rehabilitation/refurbishment, shipbuilding, offshore and IMCA-certified diving services, vessel fleet management, afloat/port repairs, and subsea pipeline installation and inspection. Delivered through HEISCO's 14,000-ton floating dock (35,000 dwt vessel capacity), 5,000 dwt syncrolift with 7 repair bays, 5 berths up to 337m, and dedicated diving support vessels with decompression chambers. Serves Kuwait Navy, Ministry of Interior maritime patrol boats, KOC marine fleet, and international vessel owners.
• Oil & Gas Construction (EPC) Full-scope Engineering, Procurement, and Construction (EPC) services for the oil & gas sector, including flowlines, long-distance pipelines (up to 56-inch diameter), process plants, civil operations, electrical and instrumentation works, and mega storage tank construction (>500,000 barrels). HEISCO is a Category 1 approved contractor with Kuwait's Central Agency for Public Tenders (CAPT) and pre-qualified with KOC, KNPC, KIPIC, Saudi Aramco, SEC, SABIC, NEOM, and NWC. Serves national oil companies, petrochemical operators, and government ministries.
• Industrial Maintenance Operations Comprehensive mechanical, electrical, instrumentation, and civil maintenance services for oilfield upstream facilities, refineries (Mina Abdullah and Mina Al-Ahmadi), power plants, plant shutdowns and turnarounds, turbine modernization, and rehabilitation projects. Includes long-term operation and maintenance (O&M) contracts of 1 to 5+ years. Delivered with OEM partners such as Mitsubishi Hitachi Power Systems (MHPS) for steam/gas turbines and boilers.
• Fabrication Operations Manufacturing of ASME/NB-certified pressure vessels, heat exchangers, separators, towers, columns, indirect-type oil-fired heaters, storage tanks, skid packages, pipe spools, and structural fabrication. HEISCO is empowered to apply U, U2, S, PP, and NB R stamps and operates the first fully automated piping spool fabrication system in Kuwait. Only Kuwaiti company approved to manufacture indirect-type oil-fired heaters and approved by KOC for mega storage tanks >500,000 barrels.
• Quality Control Services Non-destructive testing (NDT) including radiography, computed radiography, ultrasonic, magnetic particle, and penetrant testing; heat treatment; third-party inspection; mechanical testing lab; and A2LA-accredited, ISO 17025-compliant testing & calibration laboratory services. Delivered by ASNT-qualified NDT Level 2 & 3, API-certified, and CSWIP/AWS-certified inspectors.
• Trading Operations Marketing, distribution, and trading of industrial products, equipment, and spares — including boiler and turbine spares, pipes (OCTG, boiler tubes, seamless), valves, welding equipment, abrasive blasting and painting equipment (Airblast), fluid handling systems (Graco), pre-commissioning cleaning services (B&W Energy Services), and LNG/energy solutions (Tokyo Gas Engineering Solutions).
• Scaffolding Services Professional scaffolding services for construction, maintenance, shutdown, and repair activities across refineries, petrochemical plants, and power stations, with focus on safety and quality. Provided to clients including EQUATE.
• Galvanizing Plant Hot-dip galvanizing services for steel products, featuring the lowest-emission galvanizing plant in Kuwait, automated material handling, and a remote-controlled dipping system. Located in Shuaiba Industrial Area and serving oil & gas, petrochemicals, infrastructure, electrical, power, and water clients.
• Gulf Dredging & General Contracting Co. K.S.C. (Closed) Wholly-owned HEISCO subsidiary specializing in dredging services, marine construction, and civil construction. Founded in 1975 and operating branches in Kuwait, Saudi Arabia, Iraq, Qatar, and Oman. Includes the Scientific Center of Kuwait Expansion Program (Package 1 — Enabling and Marine Works).
• HEISCO for Technical Specialized Manpower Supply Co. W.L.L. Wholly-owned HEISCO subsidiary providing end-to-end specialized manpower staffing solutions — from candidate selection to full mobilization — for engineering, construction, operations, and maintenance projects, serving both HEISCO and external clients.
• HEISCO Engineering India Pvt. Ltd.

Quantifiable outcome

• Successfully constructed the largest storage tank ever built in Kuwait: 64.8 meters in diameter and 19.5 meters in height for KOC's Lower Fars Heavy Oil Development Program Phase 1
• +3 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• VA Tech Wabag Ltd. (WABAG)coreStrategic or Co-development Partner · 19 June 2026HEISCO and VA Tech Wabag formed an unincorporated joint venture (JV) to design, build, and operate the Doha SWRO Desalination Plant Stage II in Kuwait. The KD 114.3 million ($372 million) contract was awarded by Kuwait's Ministry of Electricity, Water & Renewable Energy (MEWRE). HEISCO's role leverages its local presence, construction capabilities, and regulatory approvals while WABAG contributes its desalination technology and project execution expertise. The JV submitted the lowest bid and the project has a 96-month duration (36 months EPC + 5 years O&M). This marks WABAG's maiden entry into the Kuwaiti market and represents a flagship strategic partnership for HEISCO in the water desalination sector.
• IHI CorporationcoreStrategic or Co-development PartnerHEISCO operates in consortium with IHI Corporation (Japan) to execute the Rehabilitation & Upgradation of Steam Boilers and Control Systems for Thermal Units at Doha West Power and Water Distillation Station for MEW. The consortium contract value is USD 558.65 million, with HEISCO's portion valued at USD 285.74 million.
• ENPPI (Engineering for Petroleum and Process Industries)coreStrategic or Co-development PartnerHEISCO executes projects in Saudi Arabia as a subcontractor to ENPPI, including the Debottlenecking Production Facilities at Abqaiq and the installation of C3/C4 Refrigeration Units and Storage Tanks at Juaymah NGL Fractionation Plant for Saudi Aramco. The Abqaiq project is valued at SAR 257.5 million.
• Tecnicas Reunidas (TR)coreStrategic or Co-development PartnerHEISCO serves as a subcontractor to Tecnicas Reunidas for the Qurayyah Expansion CCGT IPP Project for Saudi Electricity Company. The civil and electromechanical works are valued at USD 137 million (remeasured), equivalent to approximately KD 42 million, with a 29-month duration.
• ZAOPINminorStrategic or Co-development PartnerHEISCO participates in the South Kuwait Excavation, Transportation and Remediation (SKETR) project in consortium with ZAOPIN for KOC, valued at USD 185.24 million, scheduled for completion by Q1 2027.
• MPLcoreStrategic or Co-development PartnerHEISCO operates in consortium with MPL for the Boiler Rehabilitation and Control System Replacement at Az-Zour South Power and Water Distillation Station for MEW. The consortium contract value is USD 439.71 million, with HEISCO's portion valued at USD 204.25 million.
• Gulf Dredging & General Contracting Co. K.S.C. (Closed)coreStrategic or Co-development PartnerGulf Dredging is a wholly-owned subsidiary of HEISCO, established in 1975 as a joint venture between the Government of Kuwait and Ballast Nedam of the Netherlands. It specializes in dredging and marine construction, operating branches in Saudi Arabia, Iraq, Qatar, and Oman.
• HEISCO for Technical Specialized Manpower Supply Co. W.L.L.coreStrategic or Co-development PartnerA wholly-owned subsidiary established in 2019 providing end-to-end specialized manpower staffing solutions to HEISCO and external clients across engineering, construction, operations, and maintenance sectors.
• HEISCO Engineering India Pvt. Ltd.coreStrategic or Co-development PartnerA wholly-owned subsidiary established in 2024, headquartered in Chennai, India. Provides engineering design, drafting, and technical support services to enhance HEISCO's engineering capabilities and support regional project operations.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Regional players

• Nesma & Partners: Saudi Arabia-based EPC contractor serving oil & gas, power, water, and infrastructure clients including Saudi Aramco and SABIC. Nesma is a directly comparable EPC peer for HEISCO's Saudi expansion and shares the regional contracting model.
• Al-Bawani Construction: Saudi-based EPC and infrastructure contractor with active Saudi Aramco and government project portfolio. Al-Bawani represents a comparable Saudi-market EPC peer that HEISCO competes with for NEOM, Red Sea, and NWC-related scopes.

Direct peers

• Lamprell: UAE-based provider of fabrication, engineering, and contracting services to the offshore and onshore oil & gas industry. Lamprell's rig refurbishment, EPC, and fabrication business overlaps materially with HEISCO's oil & gas construction and fabrication operations.
• Drydocks World: Dubai-based shipyard and marine services provider offering ship repair, shipbuilding, offshore fabrication, and EPC services. Directly comparable to HEISCO's shipyard operations (floating dock, syncrolift) and its marine/offshore diving capability.
• National Petroleum Construction Company (NPCC): Abu Dhabi-based EPC contractor focused on oil & gas onshore and offshore construction. NPCC competes directly with HEISCO for GCC NOC mega-project scopes (pipelines, platforms, process plants) and shares a similar consortium-based delivery model.
• Galfar Engineering & Contracting: Oman-based EPC contractor with strong oil & gas, infrastructure, and industrial maintenance presence across the GCC. Galfar's contract mix with PDO and other GCC NOCs closely mirrors HEISCO's KOC/KNPC contract profile.
• ASRY (Arab Shipbuilding & Repair Yard): Bahrain-based ship repair, shipbuilding, and fabrication yard. ASRY's floating dock, ship repair, and metal fabrication capabilities closely match HEISCO's Shuwaikh-based shipyard and heavy engineering operations in the GCC.

Broad incumbents

• Saipem: Italy-headquartered global EPC major with deep GCC presence across oil & gas, refining, and infrastructure. Saipem frequently partners with regional contractors like HEISCO on mega-projects and represents the tier of competition HEISCO faces on large tenders.
• McDermott International: Global EPC and fabrication company specializing in offshore oil & gas and energy infrastructure. McDermott's Middle East EPC and fabrication scope overlaps with HEISCO's oil & gas construction, pipelines, and offshore services.
• Tecnicas Reunidas: Spain-based international EPC contractor with a strong GCC energy portfolio. Tecnicas Reunidas is both a competitor on power and oil & gas tenders and an active consortium partner of HEISCO (e.g., Qurayyah CCGT), making it a directly relevant benchmark.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Heavy Engineering Industries and Shipbuilding Co