PETALING JAYA: Uzma Bhd
’s foreign subsidiary, MMSVS Group Holding Co Ltd Thailand, has accepted a contract award from PTTEP Energy Development Co Ltd to undertake the infill well preparation operations for up to six of PTTEP’s offshore platforms in the Gulf of Thailand.
In a filing with Bursa Malaysia, Uzma said the contract is from July 16, 2024 and shall remain valid until July 15, 2025 and is estimated to be worth RM19mil during the contract period.
It said the scope of works comprises the provision of hydraulic workover unit equipment and services.
“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 June 30, 2025 and onwards until the expiry of the contract.”
Uzma said potential risk factors include project operational and execution risks, work schedules, delivery timelines and adverse weather conditions.
