KUALA LUMPUR (April 27): Uzma Bhd has bagged a two-year umbrella contract from Petronas Carigali Sdn Bhd to provide well abandonment integrated services.

Uzma said there is no firm value for the umbrella contact, as it is dependent on work orders to be issued to it from time to time at the discretion of Petronas Carigali.

In a filing with Bursa Malaysia today, Uzma said the umbrella contract was secured through its wholly-owned subsidiary Uzma Engineering Sdn Bhd (UESB).

The tenure of the umbrella contract is two years from March 29, 2018 till March 29, 2020, with an extension option period of one year.

"The umbrella contract is conditional upon UESB obtaining and maintaining a valid licence with Petroliam Nasional Bhd. It does not constitute a commitment for any specific work," it added.

The umbrella contract is expected to contribute positively to the group's earnings and enhance its net assets per share for the financial year ending June 30, 2018 and onwards if work orders are issued to UESB.

Uzma shares closed unchanged at RM1.35 today, bringing it a market capitalisation of RM432.04 million.