Friday 29 Mar 2024
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KUALA LUMPUR (Oct 13): Reservoir Link Energy Bhd said its 60%-owned subsidiary has bagged a contract from Thailand’s national petroleum company PTT Exploration and Production Public Company Ltd (PTTEP).

In a filing to Bursa Malaysia, Reservoir Link said Reservoir Link Solutions Sdn Bhd received the award letter from PTTEP’s subsidiaries PTTEP HK Offshore Ltd, PTTEP Sabah Oil Ltd and PTTEP Sarawak Oil Ltd. 

The group said the contract is valid for two years until Aug 27, 2022. 

“The scope of works for the contract is to provide downhole heating technology complete with equipment and services that ensures stable and continuous heating downhole within acceptable technical limit specified by PTTEP,” said Reservoir Link. 

The contract is on a ‘call-out’ basis with work orders issued at the discretion of PTTEP based on the schedule of rates as set forth in the contract. 

Reservoir Link said the contract is expected to contribute positively towards the group’s earnings during the contract period. 

At 3pm, Reservoir Link’s shares were unchanged at 38.5 sen, valuing the group at RM109.73 million. 

Edited ByS Kanagaraju
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