KUALA LUMPUR (Jan 30): Uzma Bhd’s 70%-owned unit Malaysian Energy Chemical & Services Sdn Bhd has won a contract from Hibiscus Oil & Gas Malaysia Ltd for the supply of chemicals and related services to the PM3 offshore fields over a five-year period between Nov 16, 2023 and Nov 15, 2028.

The PM3 Commercial Arrangement Area (CAA) project is located in Northeast Malay Basin, offshore Malaysia and Vietnam.

The job scope involves the supply of integrated production, integrity and water injection chemical and associated services. The value will be based on work orders issued by the client, said Uzma in a stock exchange filing on Tuesday, adding that the contract is expected to contribute positively to its earnings and net assets per share.

Hibiscus Oil & Gas Malaysia is wholly owned by Hibiscus Petroleum Bhd, which acquired a 35% interest in the PM3 CAA production sharing contract (PSC) in January 2022, one of the five PSCs acquired from Repsol for US$212.5 million (RM1 billion).

Shares of Uzma were trading three sen or 2.7% lower at RM1.10 at the afternoon market break, valuing it at RM425.95 million.

The counter went through a steep climb in the first month of the year, appreciating 51% to RM1.13 through Monday, and pushing it to the highest in over five years, before gains were pared on Tuesday.