Uzma Berhad secured 2 contracts from Petronas Carigali in May which have now been approved to be announced for the Provision of Hydraulic Workover and Plug & Abandonment.
The scope of works comprises of the supply of a minimum of one 340K rating Hydraulic Workover Unit rig, and minimum one (1) 460K rating HWU rig, for PCSB’s Workover and well Plug & Abandonment operations at offshore Malaysia. Additionally, for each HWU rig, the supporting Accommodation Work Barge and Portable Crane are also part of the scope of work. And the duration of the Contract will be for three years with an extension option of one year, effective 17th May 2023 until 16th May 2026, and the value of the Contract is estimated at RM450 million for both Package A and Package B over the estimated Contract Period.
Uzma said the contract will not have any effect on the share capital and shareholding structure of the company as it does not involve the issuance of ordinary shares in the company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2023 and onwards until the expiry of the Contract.
