KUALA LUMPUR (June 21): A unit of Uzma Bhd has clinched two contracts estimated to worth RM450 million for the provision of hydraulic workover and plug and abandonment operation from Petronas Carigali Sdn Bhd (PCSB).

Uzma said the contracts to the group’s wholly owned unit Uzma Engineering Sdn Bhd involved the supply of minimum one 340K rating hydraulic workover unit (HWU) rig and minimum one 460K rating HWU rig for PCSB’s workover and well plug and abandonment operations offshore Malaysia.

For each HWU rig, Uzma said the supporting accommodation work barge and portable crane are also part of the scope of works. The duration of the contracts will be for three years with an extension option of one-year, effective May 17, 2023 until May 16, 2026, Uzma said in its filing on Wednesday (June 21).

Uzma believes the contracts will contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2023 (FY2023) and onwards until the expiry of the contract.

Uzma's share price closed unchanged at 62 sen on Wednesday, valuing the group at RM216.55 million.