Quick take: Handal rises 6% on ExxonMobil contract

KUALA LUMPUR: Shares in Handal Energy Bhd rose over 6% in early trade after securing a five-year contract from ExxonMobil Exploration and Production Malaysia Inc.

The oil and gas services provider gained 6.67%, or 1.5 sen to 24 sen. It has fallen about 13% so far this year.

Handal said the contract is for the provision of crane overhaul, repair and refurbishment services.

The contract is for five years effective from Oct 1, 2021 until Sept 30, 2026.

“The contract secured does not have any specified value as it is on a ‘call-out’ basis whereby work order will be issued at the discretion of ExxonMobil based on their activities schedule and rates throughout the duration of the contract,” it said.

Handal expects the contract to contribute positively to its earnings for the financial year ending June 30, 2022 until June 30, 2026.

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