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 been awarded the following letters of award (collectively the "Letters of Award") from PETRONAS Carigali Sdn Bhd ("PCSB"): -
- Letter of Award dated 13 February 2026 for the Provision of Coiled Tubing Unit (CTU) Equipment and Services for PETRONAS Carigali Sdn. Bhd. (Intervention - Sarawak) ("LOA 1");
- Letter of Award dated 13 February 2026 for the Provision of Coiled Tubing Unit (CTU) Equipment and Services for PETRONAS Carigali Sdn. Bhd. (Intervention - Sabah) ("LOA 2");
- Letter of Award dated 13 February 2026 for the Provision of Coiled Tubing Unit (CTU) Equipment and Services for PETRONAS Carigali Sdn. Bhd. (Completion) ("LOA 3");
The approval for the release of this announcement was obtained from PCSB on 15 April 2026.
2. Salient Terms
- The scope of works for LOA 1 and LOA 2 comprises performing interventions, idle well reactivations, and production enhancement in normal and High Pressure and High Temperature (HPHT) wells using coiled tubing unit or via bull heading techniques.
- The scope of works for LOA 3 comprises performing completion operations in development and workover wells using coiled tubing unit or via bull heading techniques.
- The duration of the Letters of Award is for a period of five (5) years, commencing from 13 February 2026 until 12 February 2031 ("Contract Period").
3. Risk Factors
Potential risk factors include operational and execution risks associated with the projects, work schedules, delivery timelines and adverse weather conditions.
4. Financial Effects
The letters of award will not have any effect on the share capital and shareholding structure of the Company as they do not involve the issuance of ordinary shares in the Company. However, they are expected to contribute positively to the Company's earnings and net assets per share for the financial year ending 30 June 2026 and thereafter until the expiry of the respective letters of award and contracts.
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 letters of award and 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 letters of award and contract is in the best interest of the Company.
This announcement is dated 15 April 2026.