Uzma unit wins RM40m contract from Sarawak Shell

PETALING JAYA: Uzma Bhd through its 70% owned subsidiary, Malaysian Energy Chemical & Services Sdn Bhd, has won a contract worth about RM40 million from Sarawak Shell Bhd for the provision of kinetic hydrate inhibitor, corrosion inhibitor and associated services for Shell Timi Field.

The duration of the contract will be for five years, effective Jan 20, 2023 until Jan 19, 2028.

“Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions,” the group said in a bourse filing today.

On financial effects, It said the contract will not have any effect on the share capital and shareholding structure as it does not involve the issuance of ordinary shares in the company.

However, it is expected to contribute positively towards the earnings and net assets per share of the group for the financial year ending June 30, 2023 and onwards until the expiry of the contract.