Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Jan 18): Oil and gas service provider Uzma Bhd said today it will undertake the remaining fabrication, hook-up and commissioning works of the KNPG-B Topside PH II for the non-associated gas (NAG) development project located offshore Sabah, until its targeted completion in July this year.

This follows a novated contract signed between its wholly-owned subsidiary Uzma Engineering Sdn Bhd with THHE Fabricators Sdn Bhd and Petronas Carigali Sdn Bhd on Oct 24 last year.

In February 2014, TH Heavy Engineering Bhd (THHE) announced that its subsidiary THHE Fabricators had received a letter of award from Petronas Carigali to undertake procurement, construction and commissioning of the KNPG-B topside. Work on the contract was scheduled for completion in 18 months.

However, in April last year, THHE said THHE Fabricators had received a letter from Petronas Carigali stating that due to performance related issues pertaining to the execution of the Kinabalu project, THHE Fabricators will be excluded from participating in future Petronas Carigali tenders for two years

The NAG development project, comprising the Kinabalu East and Kinabalu West fields in water depth of 180ft, is part of Petroliam Nasional Bhd's Sabah Integrated Gas Development Project. Gas and condensate from the project will be delivered to the Sabah Oil & Gas Terminal and the Labuan Gas Terminal.

Uzma shares closed down 9 sen or 5.11% at RM1.67 today, bringing it a market capitalisation of RM506.23 million.

 

      Print
      Text Size
      Share