Handal, Petronas Research in technological collaboration

PETALING JAYA: Handal Resources Bhd and Petronas Research Sdn Bhd, the research and development arm of Petroliam Nasional Bhd, have entered into a technological collaboration.

In a filing to Bursa, Handal said that Petronas Research has entered into an initial stage of technology collaboration with Handal Simflexi Sdn Bhd, a 51%-owned subsidiary of Handal Resources, as well as given a letter of award for a joint development of subsea technology solutions.

Handal said that the duration of the contract is for a fixed period commencing from June 13 until August 12, 2018.

Handal is an integrated offshore crane service provider and provider in the oil and gas sector.

“The details of the scope of works in relation to the contract are in accordance with the detailed scope of works and deliverables as provided under the contract as stated in the Letter of Award and Research and Development Collaboration Agreement Term Sheet between Petronas and Handal Simflexi,” said Handal.

It added that the contract rates for the services rendered will be in accordance with the payment terms and conditions as detailed in the term sheet that the service is being provided during the tenure of the contract.

Handal said that the contract is expected to contribute positively towards the earnings and net assets of the company.

Shares of loss making Handal have quietly been on a steady uptrend since last August. Since hitting its 52-week low of 20.5 sen in Aug 28 last year, it touched its 52-week high of 48 sen on June 25.

Yesterday, the stock closed unchanged at 44 sen.

Last month, Seaoffshore Capital Sdn Bhd emerged as a substantial shareholder of Handal after acquiring some 11.68 million shares in the open market. Seaoffshore Capital now holds a 7.31% stake in the company.

The shareholders of Seaoffshore Capital consist of Sunildeep Singh Dhaliwal, Tengku Munawir Islahuddin Tengku Noone Aziz and Mohamad Ismail.

In May, Wah Seong Corp Bhd group managing director and CEO Chan Cheu Leong also emerged as a substantial shareholder after he acquired 12.05 million shares or a 7.55% stake in the company.

He later accumulated more shares in the company through the open market and now owns 17.23 million shares or a 10.8% stake in Handal.