Friday 29 Mar 2024
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KUALA LUMPUR (July 18): Carimin Petroleum Bhd has been awarded a contract by SEA Hibiscus Sdn Bhd for the provision of mechanical and piping maintenance services for the Labuan Crude Oil Terminal.

SEA Hibiscus is a wholly-owned subsidiary of Main Market-listed Hibiscus Petroluem Bhd, which operates the North Sabah Enhanced Oil Recovery Production Sharing Contract (PSC). The PSC encompasses the Labuan Crude Oil Terminal, and the fields of St Joseph, South Furious, SF30 and Barton, all located offshore Sabah.

In an exchange filing today, Carimin said the contract — awarded to its wholly-owned subsidiary Carimin Engineering Services Sdn Bhd — will be undertaken at an agreed fixed schedule of rates.

The contract is effective this month and will expire on July 11, 2021. It also comes with an extension option of one year.

Carimin expects the contract to contribute positively to the group’s earnings over the duration of the contract.

Shares in Carimin closed 1.5 sen or 1.69% lower today at 87 sen, for a market capitalisation of RM203.47 million.

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