Uzma secures three-year hydraulic workover contract

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KUALA LUMPUR (March 19): Upstream oil and gas services provider Uzma Bhd said its wholly-owned subsidiary MMSVS Group Holdings Co Ltd has been awarded a three-year contract to provide onshore hydraulic workover services.

The contract — awarded by PTTEP International Ltd, PTTEP Siam Ltd, and PTTEP SP Ltd — commenced on March 1 and is valid until June 30, 2022 with a one-year extension option, Uzma said in a stock exchange filing today.

The value of the contract or nature of payment was not specified in the filing.

Today's contract award came on the heels of a two-year directional drilling services contract Uzma's 95%-owned indirect subsidiary PT Cougar Drilling Solutions Indonesia secured from Indonesia's Pertamina Hulu Energi Onshore North West Java, announced last Thursday (March 14).

Both contracts are expected to contribute positively to its earnings and net assets per share for its current financial year ending June 30, 2019, until the expiry of the contract.

Shares in Uzma closed two sen or 1.98% lower today at 99 sen, giving the group a RM316.83 million market capitalisation. The stock has gained 72% on a year-to-date basis.