Uzma Bhd’s wholly-owned unit Uzma Engineering Sdn Bhd has received work order from Petronas Carigali Sdn Bhd worth RM29 million for the provision of a risk transfer incentive contract (RTIC) for idle well reactivations and production enhancement services.
In a filing to Bursa Malaysia, the Group said that the contract is for a period of three (3) years commenced on 13 July 2021 and ends on 14 July 2024. The incentive period is for two (2) years commencing after the well intervention is completed and the well starts the 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
The Contract will not have any effect on the share capital and shareholding structure of the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2022 and onwards until the expiry of the Contract.
