KUALA LUMPUR (March 13): Reservoir Link Energy Bhd has secured a contract from Petronas Carigali Sdn Bhd for the provision of well leak repair equipment and services, with the value based on the number of works executed.

In a filing with Bursa Malaysia on Wednesday, the group said its wholly owned subsidiary Reservoir Link Sdn Bhd has accepted the letter of award from Petronas Carigali for the contract, which is for a period of five years.

It said the scope of work includes providing engineering consultancy, diagnostic and rectification services of well leak issues, and testing on sealant performance, among others.

It said the contract will not have any impact on its share capital, shareholding structure, net assets per share, or gearing of the company but is expected to contribute positively to the group’s earnings throughout the financial year ending June 30, 2024, and during the entire contract period.

“Looking ahead, not only do we anticipate substantial growth coming from the continuous demand for traditional energy sources, [but] we are [also] anticipating numerous new opportunities emerging as the energy landscape continues to evolve,” its executive director Thien Chiet Chai said.

“That said, the group has also made significant developments focusing on the renewable energy sector to secure long-term business sustainability, particularly as the government and other organisations actively promote the use of renewable energy to combat global warming,” he added.

Reservoir Link Energy’s shares closed half a sen or 1.5% lower at 32 sen, valuing the company at RM101.4 million.