Tuesday 28 May 2024
main news image

KUALA LUMPUR (June 23): Uzma Bhd’s wholly-owned subsidiary Uzma Engineering Sdn Bhd has secured a RM27 million contract from Petronas Carigali Sdn Bhd for the provision of portable water injection module (PWIM) for the Sepat platform.

In a filing with Bursa Malaysia today, the group said the scope of the project involves design, engineering, procurement, fabrication, installation, hook-up, commissioning, operation and maintenance of the PWIM at Sepat platform.

It said the estimated contract period shall be effective from April 22, 2020 and will expire 30 months after the first water injection at Sepat platform.

“Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

“However, it is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2020 and onwards until the expiry of the contract,” it noted.

Shares in Uzma closed up half a sen or 0.81% at 62 sen, valuing the group at RM198.42 million.

      Text Size