KUALA LUMPUR: Uzma Bhd's latest contract from ExxonMobil Exploration
and Production Malaysia Inc (EMEPMI) is worth an estimated RM40 million.
This will marginally increase Uzma's existing orderbook of RM2.7 billion, said Public Investment Bank Bhd (PublicInvest).
Uzma on Tuesday said it had received a letter of award from EMEPMI for non-rig assisted, electric wireline logging equipment and services in Peninsular
Malaysian waters.
Uzma said the scope of work includes technical consultancy and provision of electric-line unit, logging services,
tractoring and perforation interchangeable between different
conveyances.
It added that the contract was for three years from May 3, 2024 until May 2, 2027.
PublicInvest is positive on Uzma's seventh contract announced for financial year 2024 as it indicates the increasing brownfield activities on the offshores on the back of stable oil prices.
The firm retained its "Outperform" call and target price of RM1.70 for the stock.