Uzma unit gets PAC work order for integrated well services

Uzma unit gets PAC work order for integrated well services
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KUALA LUMPUR (Dec 1): Uzma Bhd's unit Setegap Ventures Petroleum Sdn Bhd has secured a one-year contract from SEA Hibiscus Sdn Bhd for the provision of integrated well services.

It said the letter of award for the work order, dated Nov 20, has been received, though it did not disclose the contract sum.

"This work order is part of a Pan Malaysia Umbrella Contract for provision of integrated well services for intervention, workover and abandonment for Petroleum Arrangement Contractors (PACs)," Uzma said in a stock exchange filing.

"The contract is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2021 and onwards until the expiry of the contract," it added.

Shares in Uzma closed 3.5 sen or 6.6% higher at 56.5 sen, for a market capitalisation of RM180.82 million.

Tan Choe Choe