Uzma wins two more contracts

Jobs from Petronas Carigali come on the heels of three awards

PETALING JAYA: Uzma Bhd has won yet another umbrella contract from Petronas Carigali Sdn Bhd just days after securing three such awards from the national oil and gas exploration and production company.

Besides the newly-won umbrella contract, Uzma has also been awarded a contract to provide a hydraulic workover unit to Petronas Carigali.

In its filings with Bursa Malaysia yesterday, Uzma said Petronas Carigali had awarded an umbrella contract to its wholly owned subsidiary, Uzma Engineering Sdn Bhd (UESB), for the provision of 340K and 460K hydraulic workover unit for Petronas Carigali.

“The tenure of the umbrella contract is three years from Dec 22, 2017 to Dec 21, 2020, with an extension option of one year,” Uzma said.

It also noted that the umbrella contract did not constitute a commitment for any specific work, and that the execution of the umbrella contract would depend on work orders to be issued to UESB from time to time at the discretion of Petronas Carigali.

“As such, there is no firm value for the umbrella contract. The company will make the required announcement pursuant to Bursa Malaysia’s Main Market Listing Requirements as and when a material sum of work order is received under the umbrella contract,” Uzma explained.

In a separate announcement, Uzma said UESB had also been awarded a contract for the provision of hydraulic workover unit - Ghazi 461 - for Petronas Carigali.

The tenure of the contract would be from Dec 28, 2017 until the completion of three firm wells with an extension option of a further 2+1+1+1+1 wells.

Similarly, this contract did not have a firm value, as execution of the contract would depend on work orders to be issued to UESB from time to time at the discretion of Petronas Carigali.

Uzma said the extension option under the contract for the additional six wells did not constitute a commitment for any specific work.

Uzma said both the contracts are expected to contribute positively to the earnings of the company and enhance net assets per share of the group for the financial year ending June 30, 2018, and onwards until the expiry of the contracts if work orders were issued to UESB.

Uzma’s shares fell one sen close at RM1.50 yesterday.

Uzma on Tuesday announced UESB had won three umbrella contracts from Petronas Carigali for the provision of electrical submersible pump and services.

Each contract had a three-year tenure from Nov 20, 2017 to Nov 19, 2020, with an initial extension option of one year. to