1. Introduction

The Board of Directors of Uzma Berhad (“Uzma” or “the Company”) is pleased to announce that MMSVS Group Holding Co. Ltd., Thailand (“MMSVS”), a wholly-owned foreign subsidiary of the Company has received a Contract award from Medco Energi Thailand (Bualuang) Limited (“MedcoEnergi”) for Provision of Hydraulic Workover Unit (HWU) Services (Call-Out) for Bualuang Field for a period of three (3) years. MedcoEnergi’s Contract issued to MMSVS was dated 5th March 2021 which was subsequently approved for announcement by MedcoEnergi on 18 March 2021.

2. Salient Terms

The salient terms of the Contract are as follows: -

1. MedcoEnergi’s scope of work comprises of HWU and associated equipment service required for Offshore Workover and Well Services activities in the Gulf of Thailand. (“Scope of Works”).
2. The duration of the Contract is for a period of three (3) years on a callout basis where the services shall be provided upon MedcoEnergi’s written callout notice.

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 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.

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 Contract is in the best interest of the Company.

This announcement is dated 18 March 2021.