KUALA LUMPUR (Nov 4): Carimin Petroleum Bhd (KL:CARIMIN) said it has secured a five-year contract from Shell for the provision of pan-Malaysia maintenance, construction, modification (MCM), and hook-up and commissioning (HUC) services.
In a filing with Bursa Malaysia on Monday, the group said the contract awarded by Sarawak Shell Bhd and Sabah Shell Petroleum Company Ltd covers all offshore facilities operated by the two companies.
It involves supplying skilled manpower, materials and equipment for various projects, which include major maintenance for topsides, facility improvement initiatives, HUC for both brownfield and greenfield projects, as well as riser repair and pig trap maintenance.
Carimin Petroleum said the five-year contract, which includes an option for a three-year extension followed by an additional two years, is expected to contribute positively to its future earnings.
Dayang Enterprise Holdings Bhd (KL:DAYANG) also announced on Monday that that it has secured a five-year contract from Sarawak Shell and Sabah Shell for MCM and HUC services.
On its financial front, Carimin Petroleum posted record high earnings for the financial year ended June 30, 2024 (FY2024).
Net profit for FY2024 doubled to RM46.24 million from RM22.95 million in FY2023 which the group attributed to higher utilisation and better charter rates for both its marine assets as well as reversal of vessel impairment. Revenue increased 21.5% to RM309.43 million from RM254.57 million.
Carimin Petroleum shares closed down one sen or 1.23% at 80.5 sen on Monday. This gives the group a market capitalisation of RM190.6 million.