CEO Morning Brief

Uzma Secures RM230 Mil Contract Extension From Petronas Carigali

Publish date: Tue, 31 Jan 2023, 09:29 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (Jan 30): Uzma Bhd, via its subsidiary Setegap Ventures Petroleum Sdn Bhd (SVP), has received another two-year contract extension from Petronas Carigali Sdn Bhd worth RM230 million for the provision of coiled tubing and services.

The latest contract extension period is from Dec 1, 2022 until Nov 30, 2024, said Uzma in a filing, adding that this extension will contribute positively towards its earnings for the financial year ending June 30, 2023 and onwards.

The contract, originally for five years, was first awarded by Petronas Carigali Sdn Bhd to SVP in November 2015. In November 2020, the contract was extended for two years — from Dec 1, 2020 to Nov 30, 2022.

Uzma shares, which have risen 20.75% year to date, closed at 64 sen on Monday (Jan 30), valuing the group at RM225.3 million.

Source: TheEdge - 31 Jan 2023

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