Bursa Malaysia (KLSE) Stock Investment Portal

Announcement details
OTHERS UZMA BERHAD - ACCEPTANCE OF CALL-OFF ORDER FOR THE PROVISION OF HYDRAULIC WORKOVER UNIT FOR 2022 WORKOVER PROGRAM FOR ENQUEST PETROLEUM PRODUCTION MALAYSIA LTD
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3229701

Description: UZMA BERHAD
- ACCEPTANCE OF CALL-OFF ORDER FOR THE PROVISION OF HYDRAULIC WORKOVER UNIT FOR 2022 WORKOVER PROGRAM FOR ENQUEST PETROLEUM PRODUCTION MALAYSIA LTD
. 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 had been awarded a Call-Off Order from EnQuest Petroleum Production Malaysia Ltd (“EnQuest”) for Provision of Hydraulic Workover Unit ("HWU") for 2022 Workover Program for EnQuest (“Contract”) through EnQuest’s Call-Off Order dated 1 December 2021 (“Letter of Award”) which was subsequently approved for announcement by EnQuest on 27 January 2022.
2. Salient Terms
The salient terms of the Contract are as follows:-
(a) Scope of Work comprises of integrated HWU services for EnQuest’s workover recompletion and well abandonment campaign at offshore Peninsular Malaysia (“Scope of Works”).
(b) The campaign will cover up to three (3) platforms and up to twelve (12) wells operated by EnQuest.
(c) Work is expected to commence on March 2022 and completed in October 2022.
(d) The value of the Contract is approximately Ringgit Malaysia Thirty Million Only (RM30,000,000.00).
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 2022 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 27 January 2022.

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Bumi Armada in process of rebounding higher, says RHB Retail Research
Surin Murugiah/theedgemarkets.com
January 26, 2022 07:37 am +08
https://www.theedgemarkets.com/article/bumi-armada-process-rebounding-higher-says-rhb-retail-research

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