KUALA LUMPUR (Feb 18): Deleum Bhd (KL:DELEUM) said it has won a five-year contract from Petronas Carigali Sdn Bhd for the provision of slickline equipment and services.

The contract, which will take effect on April 16, will be carried out by Deleum’s wholly owned subsidiary, Deleum Oilfield Services Sdn Bhd.

The scope of works includes the supply of manpower, equipment and materials, according to Deleum's filing with Bursa Malaysia.

The contract, the company said, is expected to be financed through a combination of internally generated funds and external borrowings.

The company expects the contract to contribute positively to its revenue, earnings, and net assets over the next five years.

On Tuesday, Deleum’s share price decreased two sen or 1.48% to close at RM1.33. This gives the oil and gas services outfit a market capitalisation of RM542.1 million.