Uzma secures a 12-year contract from Petronas Carigali worth RM130m

Uzma secures a 12-year contract from Petronas Carigali worth RM130m
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KUALA LUMPUR (Dec 17): Oil and gas contractor Uzma Bhd has bagged a 12-year contract for the provision of portable water injection modules (PWIM) from Petronas Carigali Sdn Bhd worth RM130 million.

Uzma said the job awarded to its wholly-owned subsidiary Uzma Engineering Sdn Bhd included the engineering, procurement, fabrication, installation, operation and maintenance of the PWIM.

The contract will be effective until November 2032, the group said in a filing with Bursa Malaysia.

"The Uzma Group is proud to have been awarded this PWIM project from Petronas Carigali. In the current price environment, it’s imperative for companies such as Uzma to be innovative in helping clients improve and maintain production with the most cost-effective solutions," Uzma group chief executive officer Datuk Kamarul Redzuan said in a statement.

"Uzma has long used its inhouse developed technology, experience and capabilities to help clients extend the production life of its brownfields. Innovative solutions are key in navigating a market hit by Covid-19 challenges and the need to be nimble," he added.

Just two days ago, Uzma announced that its subsidiary Setegap Ventures Petroleum Sdn Bhd has managed to secure a two-year contract extension worth RM200 million, also from Petronas Carigali, for the provision of coiled tubing and services.

The contract was originally awarded to the company in 2015, and the extension period is from Dec 1 this year until Nov 30, 2022.

Shares of Uzma gained 1 sen or 1.71% today to close at 60 sen  with a market capitalisation of RM190.42 million.

S Kanagaraju