PETALING JAYA: Handal Energy Bhd has secured a contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC).
The group told Bursa Malaysia that the contract entails the provision of offshore crane operations, maintenance services, repair services and provision of manpower services for about 29 offshore cranes under SSB and SSPC located off the waters of Sarawak and Sabah.
The contract will commence from October 15, 2019 for a duration of two years with an option for a one-year extension.
It does not have a specified value as it is on a “call-out” basis whereby the work orders will be awarded at the discretion of SSB/SSPC based on its activity schedule and maintenance and repair schedule throughout the duration of the contract.
Handal Energy expects the contract to its earnings for the financial year ending June 30, 2020 and subsequently until the expiry of the contract.
Going forward, its managing director Sunildeep Singh Dhaliwal said the group will be tendering for more crane-related projects in East Malaysia.
At the midday break, Handal Energy’s share price slipped 2.7% to 35.5 sen on 40,000 shares done.