Uzma secures umbrella contracts from Petronas Carigali

PETALING JAYA: Oil and gas services company Uzma Bhd said it had received three umbrella contracts for the provision of electrical submersible pumps and services from Petronas Carigali Sdn Bhd (PCSB).
The contracts, secured by the group’s wholly owned subsidiary Uzma Engineering Sdn Bhd (UESB), is effective for three years from Nov 20, 2017 to Nov 19, 2020.
The contract has an option for a further one year extension.
“The execution of the umbrella contracts are depending on work orders to be issued to UESB from time to time at the discretion of PCSB. As such, there is no form value for the umbrella contacts,” it told the stock exchange today.
Uzma said it will make the required announcement when a material sum of the work order is received.
It said the contracts will not have any effect on the group’s share capital and shareholding structure but are expected to contribute positively to its earnings and net assets per share for the financial year ending June 30, 2018 and onwards.
Uzma closed four sen or 2.69% lower to RM1.45 today with 1.85 million shares done.