Uzma gets 3 umbrella contracts from Petronas Carigali

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KUALA LUMPUR (Jan 9): Uzma Bhd has been awarded three umbrella contracts by Petronas Carigali Sdn Bhd (PCSB) for the provision of electrical submersible pump (ESP) and services to the latter, according to a filing with Bursa Malaysia.

Uzma said in the stock exchange filing that the services include the supply of jointed tubing ESP and coiled tubing ESP and their respective deployments, as well as surveillance, monitoring and maintenance of ESP.

The tenure for each of the umbrella contract is three years — from Nov 20 last year to Nov 19, 2020 — with a first extension option of one year. 

Uzma said the execution of the umbrella contracts depend on work orders to be issued to Uzma Engineering Sdn Bhd, a wholly-owned subsidiary of Uzma, from time to time and at the discretion of PCSB, the upstream arm of Petroliam Nasional Bhd (Petronas). 

“As such, there is no form value for the umbrella contracts. The company will make the required announcement pursuant to the Bursa Malaysia Securities Bhd main market listing requirements, as and when a material sum of work order is received under the umbrella contracts,” Uzma added.

At market close today, Uzma’s share price settled 2.7% lower at RM1.45, after 1.85 million shares were traded, giving it a market capitalisation of RM464.04 million. So far this year, the stock has climbed 13.3%.