Quick take: Handal Energy rises 8% on new contract

TheStar Wed, Oct 21, 2020 09:18am - 6 months ago

KUALA LUMPUR: Shares in Handal Energy Bhd rose over 8% in early trade after announcing a new contract from Mubadala Petroleum’s entity MDC Oil & Gas Ltd.

The offshore crane operator 8.11%, or two sen to 20 sen. Year-to-date, the counter has fallen some 36%.

Handal said the new contract is for the provision of offshore pedestal crane maintenance services and spare parts.

It said the four-year contract was awarded by the Abu Dhabi-based company to its wholly-owned subsidiary Handal Cranes Sdn Bhd.

"The contract does not have a specified value as it is on a ‘call-out’ basis whereby the work orders are issued at the discretion of the client based on their activity schedules and rates throughout the duration of the contract," it said.

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