KUALA LUMPUR (June 11): Oil and gas contractor Uzma Bhd has bagged its first overseas chemical supply contract in Thailand, through its wholly-owned subsidiary MMSVS Group Holding Co Ltd.
In a statement today, Uzma said the US$3 million valued contract from Medco Energi Thailand (Bualuang) Ltd is for the provision of chemical supply and service for three years, from May 20 2021 to June 1 2024.
“The scope of work includes the provision and supply of production chemicals and oilfield chemicals, including technical services for the Chemical Management Program for the Bualuang field in the Gulf of Thailand,” Uzma said.
Uzma Upstream Business chief executive officer (CEO) Datuk Naza Haron said the chemical supply contract marks the first contact the group has secured in the ASEAN region outside of Malaysia, where it is the leading oilfield chemical provider. “Uzma aims to further grow, and this contract is also our Thai subsidiary MMSVS’ first venture into the chemical business in Thailand,” he said.
The group said it acquired MMSVS in 2014 and has since become the leading hydraulic workover unit (HWU) services in ASEAN, running the largest fleet of HWU units from well work to drilling, both onshore and offshore.
“Today, our HWU division forms part of the group’s integrated well service offerings for projects such as Plug & Abandonment (P&A) and Well Work Over operations (WO). This chemical supply contract adds a further dimension to the services that are provided by MMSVS,” the group added.
Uzma’s share price closed unchanged at 68.5 sen today, valuing the group at RM219.22 million.