KUALA LUMPUR (July 23): Uzma Bhd (KL:UZMA) said on Tuesday that its Thai unit has secured a RM19 million contract to provide infill well preparation services for offshore platforms.

The one-year contract, awarded by PTTEP Energy Development Company Ltd to Uzma's subsidiary MMSVS Group Holding Co Ltd Thailand, is valid until July 15, 2025, according to Uzma's bourse filing.

The scope of work includes providing hydraulic workover unit equipment and services for infill well preparation on up to six of PTTEP’s offshore platforms in the Gulf of Thailand.

Uzma expects the contract to positively impact the company's earnings and net assets for the financial year ending June 30, 2025, and beyond until the contract's expiration.

This marks Uzma's seventh contract win since the beginning of 2024, including a five-year supply contract for the PM3 CAA production sharing contract, in which Hibiscus Petroleum Bhd has a 35% interest; a term contract from Petronas Carigali Sdn Bhd for a portable water injection module for the Sepat platform in Terengganu; and a contract to lease a water injection facility to Hibiscus’ wholly-owned SEA Hibiscus Sdn Bhd.

The company also secured a two-year contract extension from Medco Energi Thailand for hydraulic workover unit services and equipment for offshore well services in Thailand; a two-year contract from PTTEP International Limited for coiled tubing and pumping services for Zawtika Operations; and a three-year contract from ExxonMobil Exploration and Production Malaysia Inc for electric wireline logging equipment and non-rig assisted services.

Uzma's shares closed two sen or 1.83% higher at RM1.11 on Tuesday, valuing the company at RM483.22 million. The counter has risen 48% since the start of the year.