Uzma gets three umbrella contracts from Petronas Carigali

This article first appeared in The Edge Financial Daily, on January 10, 2018.
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KUALA LUMPUR: Uzma Bhd has been awarded three umbrella contracts by Petronas Carigali Sdn Bhd (PCSB), the upstream arm of Petroliam Nasional Bhd, to provide electrical submersible pump (ESP) and services to the latter, according to a filing with Bursa Malaysia.

Uzma said in its filing yesterday the contracts cover the supply of both jointed and coiled tubing ESP and their respective deployments, as well as the surveillance, monitoring and maintenance of the ESP.

Each of the umbrella contract’s tenure is for three years — from Nov 20 last year to Nov 19, 2020 — with a first extension option of one year.

Uzma said the umbrella contracts’ execution depends on work orders to be issued to Uzma Engineering Sdn Bhd, a wholly-owned subsidiary of Uzma, from time to time and at PCSB’s discretion.

“As such, there is no firm value for the umbrella contracts. The company will make the required announcement pursuant to the Bursa Malaysia Securities Bhd’s Main Market listing requirements, as and when a material sum of work order is received under the umbrella contracts,” it added.

At market close, Uzma’s share price settled 2.7% lower at RM1.45, after 1.85 million shares were traded, with a market capitalisation of RM464.04 million. The stock has climbed 13.3% so far this year.