BUSINESS

UZMA'S NEW CONTRACT WIN TO STRENGTHEN ITS CORE UPSTREAM SERVICES

14/06/2021 12:07 PM

KUALA LUMPUR, June 14 -- Uzma Bhd's contract win from Medco Energi Thailand (Bualuang) Ltd, worth RM12.3 million (US$3 million), is a strategic win in strengthening its core upstream services both in the local and international markets.

In a note today, Public Investment Bank Bhd said the contract represents the group’s sixth contract for financial year 2021, with a collective value of RM592 million.

“With this contract, Uzma’s outstanding orderbook is expected to remain healthy at RM2.4 billion,” it said.

The bank also said that the company’s outlook remains positive with oil prices currently stable at above US$60 per barrel.

“We foresee the availability of work orders in the market increasing accordingly after a painful year.

“Nevertheless, given the stricter adherence to the Standard of Procedures, including the requirement for 14-day quarantine period for the workforce will undoubtedly limit its operational efficiency,” it added.

Uzma’s Malaysian operations contribute up to 90 per cent of the company’s overall revenue.

At 12.01 pm, Uzma shares were up by 1.5 sen to 70 sen, with 2.23 million shares traded.

-- BERNAMA

 


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