Handal Resources unit secures 3-year umbrella contract from Petronas Carigali

PETALING JAYA: Handal Resources Bhd's 99.88%-owned subsidiary Handrill Sdn Bhd has been awareded an umbrella contract by Petronas Carigali for the provision of 225K and 460K drilling of hydraulic workover unit.
It told Bursa Malaysia that the contract is for a duration of three years commencing from February 2018 with an extension option of a year.
The contract is conditional on Handrill obtaining and maintaining a valid licence with Petronas.
Handal expects the contract to contribute positively towards its earnings and net assets for the duration of the contract.
Its group managing director and COO Mallek Rozal Mohsiin said he is optimistic of seeing higher demand for various supporting services and equipment going forward in view of the rise in crude oil prices recently.
"The new contract award from Petronas Carigali reaffirms the industry's confidence in Handal group's capability to deliver high quality and reliable services."
At the noon break, Handal Resources' share price was unchanged at 24 sen on some 6,600 shares traded.