KUALA LUMPUR (Aug 5): Upstream oil and gas services provider Uzma Bhd (KL:UZMA) said it has won a contract to supply a hydraulic workover unit for two offshore platforms in East Malaysia.

The contract was granted by PTTEP Sarawak Oil Ltd to Uzma’s wholly owned unit Uzma Engineering Sdn Bhd, the group told Bursa Malaysia on Wednesday.

The contract came into effect on July 4 and will be valid until the completion of six firm wells, Uzma said.

The group did not provide the value of the contract, but said the project is expected to contribute positively towards its earnings and net assets for the financial year ending June 30, 2025 and onwards until the expiry of the contract.

On July 23, Uzma announced that its subsidiary, MMSVS Group Holdings Co Ltd Thailand, had secured a RM19 million contract from PTTEP Energy Development Company Ltd. This contract involves providing infill well preparation services to support drilling activities.

Shares of Uzma gained four sen or 4.12% to close at RM1.01 on Wednesday, giving the group a market capitalisation of RM459.85 million. Year-to-date, the counter has gained over 34%.