Uzma bags hydraulic workover unit works from Enquest
04 Dec 2024, 06:09 pm
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KUALA LUMPUR (Dec 4): Uzma Bhd (KL:UZMA) has been awarded a contract by Enquest Petroleum Production Malaysia Ltd to supply hydraulic workover unit (HWU) equipment and services for Enquest’s offshore East Malaysia workover campaign.

The contract was awarded to Uzma’s wholly owned subsidiary, Uzma Engineering Sdn Bhd. The group’s filing with Bursa Malaysia did not disclose the value and the tenure of the contract. 

“The contract is effective on Nov 12, 2024 and shall remain valid until the completion of the campaign unless earlier terminated in accordance with the terms and conditions of the contract,” said Uzma. 

Uzma noted that potential risk factors for the contract include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

Earlier in mid-November, Uzma announced that it had been appointed as a panel contractor by the national oil corporation Petroliam Nasional Bhd (Petronas) for integrated well continuity services across Malaysia. The appointment is for five years, effective from Oct 10, 2024, until Oct 9, 2029.

Uzma said it is the largest asset owner of hydraulic workover units in the region, according to its website, with nine HWUs in its fleet. 

Oil and gas (O&G) is the main contributor for Uzma, with 45.3% of its RM207.89 million topline in its first quarter ended Sept 30, 2024 (1QFY2025) derived from O&G services, followed by trading of oilfield chemicals and other chemicals (51.5%), new energy (1.2%) and others. 

Shares of Uzma gained half a sen or 0.68% to close at 74.5 sen on Wednesday, valuing the group at RM323.3 million. 

Edited ByAdam Aziz
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