KUALA LUMPUR (Feb 15): Uzma Bhd has secured a term contract from Petronas Carigali Sdn Bhd for the provision of a portable water injection module (PWIM) for the Sepat platform in Terengganu.

The contract is a continuation from the previous award which had expired on Jan 11, the group said in a filing with Bursa Malaysia on Thursday.

“The contract shall remain valid for an estimated period of 20 months or until the primary contract expiry of Sepat Redevelopment — whichever occurs later — unless it is extended or terminated earlier in accordance with the terms and conditions of the contract,” Uzma said.

The group did not disclose the value of the contract, but said the contract is expected to contribute positively towards its earnings and net assets for the financial year ending June 30, 2024 and onwards.

Unza said the job involves the operation and maintenance of PWIM, including the supply of personnel, consumables, chemicals and spare parts, and the upgrading and modification of the existing PWIM unit.

Uzma shares closed four sen or 3.48% higher at RM1.18 on Thursday, giving the group a market capitalisation of RM460.8 million. The stock has risen 58.67% year to date and 83.08% over the past 12 months.