Carimin share price rises after job win

PETALING JAYA: Shares of Carimin Petroleum Bhd rose 0.98% this morning, after its unit Carimin Engineering Services Sdn Bhd bagged a contract from Petronas Carigali Sdn Bhd for the provision of maintenance, construction and modification services (Package C (Offshore) Peninsular Malaysia Oil).

At 10.59am, the stock stood at 51.5 sen with 6.1 million shares changing hands. Carimin has a market capitalisation of RM119.3 million.

Carimin said the five-year contract with one year extension option effective from Sept 20, 2017 and will expire on Sept 19, 2022, at an agreed fixed schedule of rates.

It said the contract will not have any material effect on the net assets and gearing of the group for the financial year ending June 30, 2018.

However, the contract is expected to contribute positively to its earnings over the durations of the contract.