Handal secures 1-year extension from SEA Hibiscus for crane provision and maintenance

Handal secures 1-year extension from SEA Hibiscus for crane provision and maintenance
-A +A

KUALA LUMPUR (Sept 3): Handal Energy Bhd said its wholly-owned unit has received a contract extension from SEA Hibiscus Sdn Bhd for the provision of offshore crane maintenance services.

The extension secured by Handal Cranes Sdn Bhd is valid for one year from Oct 31, Handal Energy said in a filing .

“The contract extension does not have any specified value as it is on a ‘call-out’ basis, whereby work orders will be issued at the discretion of SEA Hibiscus based on their activities schedule and rates throughout the duration of the contract,” it added.

This is the second contract secured by Handal Energy’s crane operations and maintenance unit this year.

The previous contract was secured from ExxonMobil Exploration and Production Malaysia Inc for a five-year period from June 15.

In total, Handal Energy has announced five contract updates this year. The group had just completed its first breakeven period in the year ended June 30, 2021, after four consecutive years in the red.

Shares of Handal Energy settled up 2.22% or half a sen at 23 sen today, valuing the group at RM53.15 million.

 

S Kanagaraju