The shipowner will provide military transportation andlogistics services over five years from late 2014, the company told the SaudiStock Exchange today.

Bahri will pocket SAR 383.3m ($102m) in total, or the same SAR76.6m per year as the current deal which runs for three years.

The new contract will be covered by the six ro-ro newbuildingsordered at Hyundai Mipo Dockyard in 2011 at a cost of SAR 1.5bn.

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