UZMA

1.290

(%)

OTHERS AWARD OF CONTRACT FOR THE PROVISION OF PORTABLE WATER INJECTION MODULE FOR SEPAT PLATFORM BY PETRONAS CARIGALI SDN. BHD.

UZMA BERHAD

Type Announcement
Subject OTHERS
Description
AWARD OF CONTRACT FOR THE PROVISION OF PORTABLE WATER INJECTION MODULE FOR SEPAT PLATFORM BY PETRONAS CARIGALI SDN. BHD.

1. Introduction

The Board of Directors of Uzma Berhad (“Uzma” or “the Company”) is pleased to announce that Uzma Engineering Sdn. Bhd. (“UESB”), a wholly-owned subsidiary of the Company has received a Letter of Award from PETRONAS Carigali Sdn. Bhd. (“PCSB”) for the Provision of Portable Water Injection Module (“PWIM”) for Sepat platform (“Contract”).  

 

2. Salient Terms

The salient terms of the Contract are as follows:-

 

(a) UESB’s scope includes design, engineering, procurement, fabrication, installation, hook- up, commissioning, operation and maintenance of the PWIM at Sepat platform (“Scope of Works”).

 

(b) The duration of the Contract shall be effective from 22 April 2020 and will expire 30 months after the first water injection at Sepat platform.

 

(c) The value of the Contract is approximately Ringgit Malaysia Twenty-Seven Million Only (RM27,000,000.00) over the estimated 30-month contract period.

 

3. Risk factors

Potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.

 

4. Financial effects

The Contract will not have any effect on the share capital and shareholding structure of the Company as it does not involve the issuance of ordinary shares in the Company. However, it is expected to contribute positively towards the earnings and net assets per share of the Company for the financial year ending 30 June 2020 and onwards until the expiry of the Contract.

 

5. Directors’ and Major Shareholders’ Interests

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Uzma has any direct or indirect interest in the Contract.

 

6. Directors’ Statement

The Board of Directors of the Company, after considering all the relevant factors, is of the opinion that the acceptance of the Letter of Award is in the best interest of the Company.

 

This announcement is dated 23 June 2020.






Announcement Info

Company Name UZMA BERHAD
Stock Name UZMA
Date Announced 23 Jun 2020
Category General Announcement for PLC
Reference Number GA1-23062020-00045