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Author: acinanatucer   |   Latest post: Tue, 12 Oct 2021, 1:04 PM

 

Handal Energy receives offshore crane maintenance contract extension from SEA Hibiscus

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Handal Energy Bhd's wholly-owned subsidiary, Handal Cranes Sdn Bhd, has received a letter of extension from SEA Hibiscus Sdn Bhd to extend the company's offshore crane maintenance services.

In a statement today, the oil and gas integrated services provider said the new agreement extends Handal Crane's original contract with SEA Hibiscus to provide offshore crane maintenance services from October 31, 2021, until October 30, 2022.  

There is no specified value to the contract extension. It is running on a 'call-out' basis in which SEA Hibiscus will issue a work order to Handal Crane based on their activities schedule and rates throughout the contract duration.

Handal group managing director Sunildeep Dhaliwal said the company has been supporting SEA Hibiscus operations since 2019.

"The extension of this contract will contribute positively to our earnings for the financial year ending June 30, 2022.

"Handal returned to profitability in the financial year ended June 30, 2021, and we will continue to ensure business sustainability and profitability, with more project tenders in the pipeline," he said.

SEA Hibiscus is the wholly-owned subsidiary of Hibiscus Petroleum Bhd, Malaysia's first listed independent oil and gas exploration and production company.

Since March 31, 2018, SEA Hibiscus has been the operator of the 2011 North Sabah Enhanced Recovery Production Sharing Contract (PSC), the first asset of Hibiscus.

The responsibilities of SEA Hibiscus as the PSC's operator include managing the extraction of oil from four existing oil fields, St Joseph, South Furious, SF30 and Barton, as well as managing the Labuan Crude Oil Terminal, existing pipeline infrastructure, and all other equipment and assets relating to the PSC.

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