Red Sea Housing Services awarded SR374,000,000 project in Angola

Overseas Bechtel Incorporated has awarded Red Sea Housing the contract to engineer, procure and construct a 6,500 man housing facility in Angola, West Africa. This facility is in support of the Liquified Natural Gas project being constructed at the mouth of the Congo River. The Red Sea contract is now underway and due for completion in the 3rd Quarter of 2009.

'The accommodations and support buildings will be manufactured out of Red Sea's Ghana manufacturing facility utilizing our unique PVC composite panel buildings which are well suited to the environmental conditions in the region,' stated Mark Sumner, Red Sea's General Manager for Ghana, adding, 'the Ghana plant was recently ISO 9001-2000 certified.'

'This marks another milestone for Red Sea as this is singularly the largest contract we have secured.' stated Don Sumner, Managing Director, adding, 'Together with a recent project in Guinea we have now delivered in 55 countries world-wide.' Mr. Sumner also quoted, 'At SR374m almost equals 100% of Red Sea Housing's 2006 first year-end revenues as a public company, which was SR388m over a nine-month period.'