KUALA LUMPUR (June 9): Offshore crane operator Handal Energy Bhd said two of its subsidiaries have secured contracts  for the provision of services.

In a bourse filing, the group said wholly-owned Handal Cranes Sdn Bhd won a contract from Kebabangan Petroleum Operating Company Sdn Bhd for the provision of operations and maintenance services for offshore cranes and other hoisting as well as lifting equipment.

The group said this contract is valid for three years, with an option to extend for another year.

In a separate filing, Handal Energy said its 51%-owned unit, Borneo Sea Offshore Engineering Sdn Bhd, has secured a contract from PTTEP HK Offshore Ltd for the provision of "2021 Sarawak turnaround management and coordination services".

This one-year contract is effective from May 6, it said.

Handal Energy said both contracts do not have any specified value as they are on a "call-out" basis whereby work orders will be issued at the subsidiaries' discretion based on their activities' schedule and rates throughout the duration of the contract.

The contracts, it added, are not expected to have any material effect on its net assets for the current financial year ending June 30, 2021.

Handal Energy's share price closed half a sen or 2.13% lower at 23 sen, giving the group a market capitalisation of RM51.8 million.