KUALA LUMPUR (Nov 12): The joint venture (JV) between Carimin Engineering Services Sdn Bhd (CESSB), a wholly owned subsidiary of Carimin Petroleum Bhd (KL:CARIMIN), and Evolusi Bersatu Sdn Bhd has bagged the contract to provide Pan Malaysia maintenance, construction, modification (MCM) and hook-up commissioning (HUC) services for Package B9 from Kebabangan Petroleum Operating Co Sdn Bhd (KPOC).

In a filing with Bursa Malaysia on Tuesday, the oil and gas engineering support services provider said the Evolusi-CESSB JV had accepted a letter of award (LOA) from KPOC on Oct 14.

The contract value was not disclosed, but Carimin said the contract price will be in accordance with schedule of prices and rates as agreed, and will be valid for five years — effective from the date of the LOA until Oct 10, 2029. KPOC has the right to extend the contract for two extension periods of three years and two years respectively, it added.

Carimin said the LOA is expected to contribute positively to the group's earnings for the duration of the project.

Carimin announced in November last year that the CESSB had formed a JV with Evolusi, a company engaged in building management, mechanical and civil engineering services, telecommunication and electrical works, to jointly bid for the provision of Pan-Malaysia MCM HUC. Evolusi is the lead partner of the JV.

Carimin shares closed unchanged at 83 sen apiece on Tuesday, giving the group a market capitalisation of RM194.1 million. The stock has risen by a marginal 1.22% so far this year.