Petronas, Handal in subsea tech collaboration

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KUALA LUMPUR (July 11): Handal Resources Bhd's 51%-owned subsidiary Handal Simflexi Sdn Bhd has entered into an initial stage of technology collaboration with Petroliam Nasional Bhd's (Petronas) research and development arm Petronas Research Sdn Bhd to develop subsea technology solutions.
In a filing with Bursa Malaysia today, Handal Resources said Petronas Research has issued the letter of award to Handal Simflexi.

"The duration of the contract is for a fixed period commencing from 13th June 2018 until 12th August 2018. The details of the scope of works in relation to the contract are in accordance with the detailed scope of works and deliverables as provided under the contract, as stated in the letter of award and R&D collaboration agreement term sheet between Petronas and HSSB (Handal Simflexi).

"The contract rates to be charged for the services to be rendered will be in accordance with the payment terms and conditions as detailed in the term sheet that the service is being provided during the tenure of the contract. The contract is expected to contribute positively towards the earnings and net assets of the company for the duration of the contract," Handal Resources said.