KUALA LUMPUR (Nov 13): Uzma Bhd (KL:UZMA) has been appointed as a panel contractor by national oil company Petroliam Nasional Bhd (Petronas) for integrated well continuity services pan-Malaysia.

The scope of works comprises three main packages: integrated well intervention, integrated workover for production enhancement and abandonment, and hydraulic workover unit, Uzma said in a bourse filing.

The appointment is for five years, effective from Oct 10, 2024 until Oct 9, 2029.

Uzma said the appointment is expected to contribute positively for its earnings and net assets per share for the financial year ending June 30, 2025 and onwards.

Uzama’s share price closed up one sen or 1.2% to 84.5 sen, bringing the group a market capitalisation of RM368 million.