KUALA LUMPUR: Oil and gas service firm Uzma Bhd announced that its wholly-owned unit Uzma Engineering Sdn Bhd had received a three-year umbrella contract from Petronas Carigali Sdn Bhd to provide electric wirelines logging services.
An umbrella contract is normally awarded to a company that acts as an employer to agency contractors who work under a fixed term contract assignment.
Uzma said the contract to undertake cased hole logging services covers the whole country. It commenced on Dec 1, 2016 and will run until Dec 30, 2019, and comes with two extension options of one year each.
“The contract will not have material effect on the earnings and net asset of Uzma Group for the financial year ending Dec 31, 2017 until the specific work order is issued,” Uzma said in a filing with Bursa Malaysia, adding that “upon issuance of specific work order, the company expects the contract to contribute positively to its future earnings”.
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