KUALA LUMPUR (Aug 3): Handal Resources Bhd is servicing ExxonMobil Exploration and Production Malaysia Inc's (EMEPMI) offshore cranes under a three-year contract.

According to Handal's statement to Bursa Malaysia today, wholly-owned subsidiary Handal Offshore Services Sdn Bhd had last Thursday (July 27) signed the goods and services outline agreement with EMEPMI.

Handal said the contract involved "provision of onshore overhaul, major repair and refurbishment services for offshore cranes to EMEPMI. EMEPMI has on 2 August 2017 granted approval for the release of the announcement on the goods and services outline agreement."

"The agreement is for the primary term of three (3) years, effective 27 July 2017 until 26 July 2020, with an option for 1 year extension.

"The value of the services to be rendered will only be determined at the point of time that the service is being provided during the tenure of the contract and is expected to contribute positively to increase in earnings and net assets per share of the HRB Group (Handal) for the financial year ending 31 December 2017," Handal said.