KUALA LUMPUR (Jan 10): Uzma Bhd (KL:UZMA), through its subsidiary Setegap Ventures Petroleum Sdn Bhd (SVP), has secured a one-year contract extension worth RM100 million from Petronas Carigali Sdn Bhd.

The upstream supportive services provider said the contract is for the provision of coiled tubing and services for Petronas Carigali’s field offshore in east Malaysia, according to an exchange filing.

In the filing on Friday, Uzma said it received approval from Petronas Carigali on Wednesday.

The contract extension is effective Dec 1, 2024, until Nov 30, 2025.

“Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions,” the company said, expecting the contract to contribute positively to its earnings for the financial year ending June 30, 2025 until the contract’s expiration.

Uzma has been given several extensions for the contract that was awarded on Nov 20, 2015.

The contract was extended for two years — from Dec 1, 2020 to Nov 30, 2022 – for a total of RM200 million in November 2020.

In December 2022, the contract was extended for two more years — from Dec 1, 2022 to Nov 30, 2024 — for RM230 million.

Shares of Uzma fell 2.5 sen to 70.5 sen on Friday, giving the group a market capitalisation of RM309 million.