1. Introduction

The Board of Directors of Uzma Berhad (“Uzma” or “the Company”) is pleased to announce that Setegap Ventures Petroleum Sdn Bhd (“SVP”), a subsidiary of the Company, has received a Letter of Contract Amendment and Extension Award dated 20 November 2024 from PETRONAS Carigali Sdn Bhd (“PCSB”) for the Provision of Coiled Tubing and Services for PETRONAS Carigali Sdn Bhd – East Region (“Contract Extension”). The approval for the release of this announcement was obtained from PCSB on 8 January 2025.

The Contract was previously awarded on 20 November 2015. The first and second extensions of the Contract were awarded on 24 November 2020 and 7 December 2022 respectively.
 

2. Salient Terms

The salient terms of the Contract Extension are as follows: -

(a)   the scope of work comprises of the supply of coiled tubing equipment and services, for PCSB’s field offshore East Malaysia;

(b)   the duration of the Contract Extension is set to be become effective on 1 December 2024 and shall remain valid for a period of one (1) year until 30 November 2025 (“Extension Period”); and

(c)   the value of the Contract Extension is approximately Ringgit Malaysia One Hundred Million (RM 100,000,000.00) only over the estimated Extension 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 2025 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 10 January 2025.