CEO Morning Brief

Uzma Clinches RM68 Mil Worth of Contracts From Sabah Shell

Publish date: Thu, 23 Mar 2023, 08:40 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (March 22): Uzma Bhd has secured two contracts from Sabah Shell Petroleum Company Ltd to supply integrated production and integrity chemical and associated services to the Malikai Stage 1 and Gumusut Kakap projects, worth RM68.10 million.

Uzma's subsidiary Malaysian Energy Chemical & Services Sdn Bhd (Mecas) received the letters of award for the three-year contracts, its bourse filing on Wednesday (March 22) showed.

This is Uzma’s fourth contact win this year, after it secured a RM30 million contract from Petronas Carigali Sdn Bhd in February to provide electrical submersible pump (ESP) equipment and services for the latter's wells in Malaysia.

Prior to that, it won a contract from Petronas Carigali for the provision of self-cleaning services through tubing perforation. In January, Uzma bagged a contract from Sarawak Shell Bhd worth US$9.3 million (RM40 million), via its 70%-owned unit Mecas, to provide kinetic hydrate inhibitor, corrosion inhibitor and associated services for the Shell Timi field on Jan 25.

Shares of Uzma closed 1 sen or 1.67% higher at 61 sen on Wednesday, giving the company a market capitalisation of RM214.74 million.

Source: TheEdge - 23 Mar 2023

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