1. Introduction

The Board of Directors of Uzma (“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 Provision of Electric Wireline Logging (EWL) (Non-Rig Assisted – Primary: West Package & Optional: East Package) for a period of three (3) years (“Contract”) through PCSB’s letter of award dated 3 March 2021 (“Letter of Award”) which was subsequently approved for announcement by PCSB on 23 March 2021.

2. Salient Terms

The salient terms of the Contract are as follows: -

1. UESB’s scope of work comprises of Non-Rig Assisted (NRA) Electric Wireline Logging (EWL) equipment and services for West Malaysia and East Malaysia (optional scope) waters for downhole logging, perforation and well integrity evaluations (“Scope of Works”).
2. The duration of the Contract is for a period of three (3) years commencing from 3 March 2021 until 2 March 2024.
3. The value of the Contract is approximately Ringgit Malaysia One Hundred and Eighty Million Only (RM180,000,000.00) over the estimated 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 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 Letter of Award is in the best interest of the Company.

This announcement is dated 23 March 2021.