OTHERS HANDAL RESOURCES BERHAD ("HRB" or "the Company") Goods and Services Outline Agreement between Handal Offshore Services Sdn. Bhd. and ExxonMobil Exploration and Production Malaysia Inc. ("EMEPMI")

HANDAL RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
HANDAL RESOURCES BERHAD ("HRB" or "the Company")
Goods and Services Outline Agreement between Handal Offshore Services Sdn. Bhd. and ExxonMobil Exploration and Production Malaysia Inc. ("EMEPMI")

The Board of Directors of HRB is pleased to announce that Handal Offshore Services Sdn. Bhd. (HOSSB), a wholly owned subsidiary of HRB has on 27 July 2017 entered into a Goods and Services Outline Agreement with EMEPMI for the provision of onshore overhaul, major repair and refurbishment services for offshore cranes to EMEPMI (“Agreement”).

 

The Agreement is for the primary term of three (3) years, effective 27 July 2017 until 26 July 2020, with an option for 1 year extension.

 

The value of the services to be rendered will only be determined at the point of time that the service is being provided during the tenure of the contract and is expected to contribute positively to increase in earnings and net assets per share of the HRB Group for the financial year ending 31 December 2017.

 

The risks associated with the Agreement are normal operational risks which can be mitigated through HRB system of project management and internal business controls.

 

None of the Directors or major shareholders of HRB or persons connected to them have any interest, direct or indirect, in the above Agreement. 

 

The Handal Group of companies is continuously looking at replenishing its current order book. With this Agreement, it demonstrates the Handal Group’s capabilities in securing contracts/projects during this challenging time in the Oil and Gas Industry.

 

EMEPMI has on 2 August 2017 granted approval for the release of the announcement on the Goods and Services Outline Agreement.

 

This announcement is dated 3 August 2017.






Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 03 Aug 2017
Category General Announcement for PLC
Reference Number GA1-25072017-00023