KUALA LUMPUR (Jan 27): Uzma Bhd has been awarded an RM30 million contract from EnQuest Petroleum Production Malaysia Ltd, according to its filing on Thursday.
Uzma said the contract to provision hydraulic workover unit (HWU) for EnQuest’s 2022 workover programme was awarded to its wholly-owned subsidiary, Uzma Engineering Sdn Bhd, from Dec 1, 2021.
The announcement was only approved for publication on Thursday.
According to the filing, the contract requires Uzma to perform integrated HWU services for up to three platforms and up to 12 wells operated by EnQuest under its workover recompletion and well abandonment campaign offshore peninsular Malaysia.
The work is expected to begin in March 2022 and be completed in Oct 2022.
Uzma expects the contract to contribute positively towards its earnings and net assets per share for the financial year ending June 30, 2022 onwards until the end of the contract.
At market close, Uzma shares were two sen or 4.65% higher at 45 sen apiece, valuing the group at RM156.57 million.