KUALA LUMPUR (Aug 9): Oil and gas contractor Uzma Bhd’s wholly-owned unit Uzma Engineering Sdn Bhd has secured an RM29 million work order from Petronas Carigali Sdn Bhd for the provision of a risk transfer incentive contract (RTIC) for idle well reactivations and production enhancement services.
The three-year contract took effect on July 13 and will end on July 14, 2024, Uzma said in a bourse filing today.
“The incentive period is for two years, commencing after the well intervention is completed and the well starts production.
“The scope of work comprises the well intervention services required for offshore idle well reactivation activities at Sabah waters, which include coiled tubing, pumping, desander, and well testing equipment and services,” it said.
It added that the contract is expected to contribute positively towards its earnings and net assets per share for the financial year ending June 30, 2022 and onwards, until the expiry of the contract.
Uzma shares climbed 1.5 sen or 2.7% to close at 57 sen today, for a market capitalisation of RM180.79 million.