KUALA LUMPUR (Sept 30): A contract was bagged by Handal Energy Bhd in providing offshore crane operations and maintenance services.
According to Handal, it’s unit Handal Cranes Sdn Bhd had secured the contract from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Co Ltd (SSPC).
The contract required the provision of operations, maintenance, repair and manpower services for 29 offshore cranes under SSB and SSPC located off the waters of Sarawak and Sabah, Handal said.
The contract’s duration is for two years from Oct 15, with an extension option of one year. It didn’t have a specified value as it is on a “call-out” basis whereby the work orders will be awarded at the discretion of SSB/SSPC based on its activity schedule and maintenance and repair schedule throughout the duration of the contract, the company said.
The company also added that the contract is expected to contribute positively to its earnings for the financial year ending June 30, 2020 and subsequently until the expiry of the contract.
As of midday break today, Handal shares dropped to 2.74% or 1 sen at 35.5 sen, valuing the company at RM77.68 million.
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