KUALA LUMPUR (Aug 7): Carimin Petroleum Bhd has bagged a contract for the provision of topside major maintenance from Lundin Malaysia BV for an undisclosed amount.

According to the offshore oil and gas services provider's filing with Bursa Malaysia today, it said the contract's total value will depend on the actual work orders to be issued by Lundin from time to time during the contract period.

Carimin secured the contract via its unit Carimin Engineering Services Sdn Bhd (CES) on July 8, 2015.

Under the contract, CES is required to provide topside maintenance services based on a work order issuance basis for Lundin's Wellhead Platform (WHP) and floating production storage and offloading (FPSO) unit in the Bertam offshore oil field.

"The contract, which commenced on July 8, 2015, will be effective for two years until 2017," Carimin said, adding the contract carries an option for a further one-year extension.

Carimin expects the contract to contribute positively to its future earnings and net assets.

As at the midday break, Carimin was down 1.5 sen or 1.8% at 82 sen, bringing its market capitalisation to RM191.78 million. The stock has been on a down-trend lately, falling about 15.5% from 97 sen on July 15 to its current price.