KUALA LUMPUR (Oct 20): Offshore crane operator Handal Energy Bhd has secured a new contract from Mubadala Petroleum’s entity MDC Oil & Gas Ltd for the provision of offshore pedestal crane maintenance services and spare parts.
In a filing with Bursa Malaysia today, Handal Energy said the four-year contract was awarded by the Abu Dhabi-based company to its wholly-owned subsidiary Handal Cranes Sdn Bhd.
"The contract does not have a specified value as it is on a ‘call-out’ basis whereby the work orders are issued at the discretion of the client based on their activity schedules and rates throughout the duration of the contract," it said.
Handal Energy said the contract is expected to contribute positively to the earnings of the group for the financial year ending June 30, 2021 and subsequently until its expiry.
At market close, Handal Energy was down 0.5 sen or 2.63% at 18.5 sen with a market capitalisation of RM40.48 million.