KUALA LUMPUR (Sept 30): Handal Energy Bhd has bagged a contract to provide offshore crane operations and maintenance services.
In a filing today, Handal said its unit Handal Cranes Sdn Bhd had secured the contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Co Ltd (SSPC).
Handal said the contract entailed the provision of operations, maintenance, repair and manpower services for 29 offshore cranes under SSB and SSPC located off the waters of Sarawak and Sabah.
The company said the contract is for a period of two years from Oct 15, with an extension option of one year.
Handal said the contract does not have a specified value as it is on a "call-out" basis whereby the work orders will be awarded at the discretion of SSB/SSPC based on its activity schedule and maintenance and repair schedule throughout the duration of the contract.
Handal said the contract is expected to contribute positively to its earnings for the financial year ending June 30, 2020 and subsequently until the expiry of the contract.
At the midday break today, Handal shares were down 2.74% or 1 sen at 35.5 sen, valuing the company at RM77.68 million.