KUALA LUMPUR (Oct 25): Uzma Bhd (KL:UZMA) said on Friday that its Philippine unit has been awarded a well services contract from the Philippine Geothermal Production Company Inc (PGPC) to provide drilling cementing services.

The contract was awarded to Uzma's subsidiary Uzma Engineering Ltd, the upstream oil and gas services provider said in a filing with Bursa Malaysia. No contract value was disclosed.

Under the contract, Uzma Engineering will be required to provide drilling cementing services for PGPC’s geothermal fields in the Philippines.

The contract is effective from Sept 1, 2024 till Aug 31, 2027.

Uzma said that the Philippines has emerged as a new and promising market for the company, particularly in the geothermal sector, according to its latest annual report.

“The country’s increasing focus on renewable energy (RE) presents opportunities for Uzma to expand its operations and establish a strong market presence. The Philippines is expected to become a key market for Uzma’s geothermal services,” it said.

It said that it will continue to explore additional opportunities in the RE sector, while supporting the Philippines' energy transition goals.

Shares of Uzma settled down half a sen or 0.58% at 85 sen on Friday, giving the group a market capitalisation of RM367.88 million.