Uzma, Handal secure umbrella contracts from Petronas Carigali

PETALING JAYA: Uzma Bhd and Handal Resources Bhd have clinched umbrella contracts from Petronas Carigali for the provision of drilling of hydraulic workover unit.
Both contracts are for a duration of three years with an extension option of a year.
The contracts are conditional on Uzma and Handal’s 99.88%-owned subsidiary Handrill Sdn Bhd obtaining and maintaining a valid licence with Petronas.
Uzma said the contract does not constitute a commitment for any specific work and the execution of the contract is depending on work orders to be issued from time to time at the discretion of Petronas Carigali. As such, there is no firm value for the contact.
Uzma and Handal expect the contracts to contribute positively towards their earnings and net assets for the duration of the contract.
Handal group managing director and COO Mallek Rizal Mohsin 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.”
Uzma’ share price fell 2 sen or 1.4% to close at RM1.36 today, while Handal Resources gained 1 sen or 4.2% to 25 sen.