Uzma Berhad, through its subsidiary Setegap Ventures Sdn Bhd (SVP), announced yesterday that the group has received a Contract Extension and Amendment from PETRONAS Carigali Sdn. Bhd. (PCSB) for the Provision of Coiled Tubing and Services.
In a filing to Bursa Malaysia, the Contract was previously awarded on 20 November 2015. The contract extension is for a period of two (2) years commencing from 1 December 2020 until 30 November 2022.The value of the Contract is approximately RM200,000,000 over the Contract period.
According to the Group, SVP’s scope of works would cover Coiled Tubing Services that includes water/gas shut off, paraffin/scale/sand cleanout, well cleanout, acid stimulation, well unloading, jetting nitrogen and well killing and other non-routine job, e.g. perforation, logging, cement packer, fishing, milling/under-reaming, well abandonment, sand consolidation, gravel pack, through tubing bridge plug setting and coiled tubing patch
The contract is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending 30 June 2021 and onwards until the expiry of the contract, said Uzma
