UZMA

1.290

+0.02 (+1.6%)

OTHERS AWARD OF CONTRACT FROM VALEURA ENERGY FOR THE PROVISION OF COIL TUBING SERVICES

UZMA BERHAD

Type Announcement
Subject OTHERS
Description
AWARD OF CONTRACT FROM VALEURA ENERGY FOR THE PROVISION OF COIL TUBING SERVICES

1. Introduction

The Board of Directors of Uzma ("Uzma" or "the Company") is pleased to announce that MMSVS Group Holding Co. Ltd. ("MMSVS"), a wholly owned foreign subsidiary of the Company incorporated in Thailand has on 2nd May 2023 accepted an award of contract from Valeura Energy Inc. ("Valeura") for Provision of Coil Tubing Services ("Contract") pursuant to Valeura's contract award dated 2nd May 2023. This announcement has been approved by Valeura on 11th May 2023.

 

2. Salient Terms

The salient terms of the Contract are as follows: -

 

(a)  Valeura’s scope of works comprises of the supply of coil tubing equipment and services for Gulf of Thailand;

 

(b)  the duration of the Contract is for three (3) years with extension option of two (2) years, effective 5th May 2023 until 5th May 2026 (“Contract Period”); and

 

(c)  the value of the Contract is approximately Ringgit Malaysia Forty-Five Million (RM45,000,000.00) Only 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 2023 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 11th May 2023.






Announcement Info

Company Name UZMA BERHAD
Stock Name UZMA
Date Announced 11 May 2023
Category General Announcement for PLC
Reference Number GA1-11052023-00062