KUALA LUMPUR (Nov 8): Oil and gas services provider Steel Hawk Bhd (KL:HAWK) has secured a subcontract from Petra Energy Bhd (KL:PENERGY) to provide offshore living quarters maintenance and repair services for EPOMS offshore facilities in Sarawak.
The three-year subcontract, awarded on a call-out basis, has no fixed contract value, according to Steel Hawk's filing with Bursa Malaysia on Friday. The contract includes an option to extend for two additional years, on a one-year plus one-year basis, it noted.
The contract was awarded to Steel Hawk’s wholly-owned subsidiary, Steel Hawk Engineering Sdn Bhd, by Petra Energy’s unit, Petra Resources Sdn Bhd.
“We are engaged by Petra Resources Sdn Bhd to provide specified services for the duration of the said contract, as and when such services are required,” Steel Hawk said.
The subcontract is expected to contribute positively to the group's earnings for the financial year ending Dec 31, 2024, Steel Hawk said. The company had transferred to the ACE Market from the LEAP Market of Bursa Malaysia.
In October, Steel Hawk secured another three-year, call-out basis contract for operational pigging supply and services from Petronas Gas Bhd (KL:PETGAS).
Steel Hawk shares closed unchanged at 37 sen on Friday, valuing the group at RM178.91 million. Since its listing on the ACE Market on Sept 5, the stock has appreciated 146.67% from its IPO price of 15 sen.