CEO Morning Brief

Uzma’s Unit Gets RM43.9 Mil Contract to Undertake Offshore Services

Publish date: Tue, 14 May 2024, 10:17 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 13): Uzma Bhd [KL:UZMA] said on Monday it has secured a contract valued at US$9.27 million (RM43.9 million) to undertake standard and special application of coiled tubing and pumping services.

The contract under the Zawtika gas field project from PTTEP International Ltd commenced on May 1, 2024 until June 30, 2026, Uzma’s bourse filing showed. The company only received approval to announce the contract on Friday (May 10), the oil and gas services firm noted.

The contract is Uzma’s sixth win since the start of 2024, including from Shell to provide integrated production and integrity chemical and associated services.

Prior to this, Uzma secured several contracts including a two-year contract extension from Medco Energi Thailand (Bualuang) Ltd for the provision of hydraulic workover unit services in March as well as a contract for the supply of chemical and related services for PM3 Chemical Arrangement Area production-sharing contract where Hibiscus Petroleum Bhd holds a 35% interest.

Uzma also bagged a term contract from Petronas Carigali Sdn Bhd for the provision of a portable water injection module for the Sepat platform in Terengganu and a contract to lease a water injection facility to SEA Hibiscus Sdn Bhd.

The value of all earlier contracts was not disclosed in the filings.

Uzma’s shares were down by three sen or 2.24% to close at RM1.20 on Monday, ahead of the results announcement. At the market close, the company is valued at RM468.68 million.

Year-to-date, Uzma’s share price has appreciated over 60%, and surges 96.72% over the past year.

Source: TheEdge - 14 May 2024

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