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KUALA LUMPUR: Uzma Bhd’s wholly-owned foreign subsidiary, MMSVS Group Holding Co Ltd Thailand has secured a US$10mil contract from companies of PTTEP Group for the provision of hydraulic workover unit (HWU) services.
The oil and gas company, in a filing with Bursa Malaysia, said the contract was for a period of three years and the contract was issued to MMSVS on May 25.
It said PTTEP’s scope of work comprises HWU and associated equipment service required for workover and well services activities at onshore Thailand.
"The duration of the contract is for three years on a callout basis where the services shall be provided upon PTTEP’s written callout notice.
“The value of the contract is approximately US$10mil over the estimated contract period,” it added.
Uzma said the contract is expected to contribute positively towards the earnings and net assets per share of the company for the financial year ending June 30, 2022 and onwards until the expiry of the contract.