OTHERS HANDAL RESOURCES BERHAD ("HRB" or "the Company") - AWARD OF UMBRELLA CONTRACT FOR THE PROVISION OF 225K AND 460K DRILLING OF HYDRAULIC WORKOVER UNIT (HWU) FOR PETRONAS CARIGALI SDN. BHD. (CONTRACT NO: CHO/2017/WELLS/1022 (I))

HANDAL RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
HANDAL RESOURCES BERHAD ("HRB" or "the Company")
- AWARD OF UMBRELLA CONTRACT FOR THE PROVISION OF 225K AND 460K DRILLING OF HYDRAULIC WORKOVER UNIT (HWU) FOR PETRONAS CARIGALI SDN. BHD. (CONTRACT NO: CHO/2017/WELLS/1022 (I))

1. INTRODUCTION

 

The Board of Directors of HANDAL RESOURCES BERHAD (“HRB” or “the Company”) is pleased to announce that it has on 1 March 2018 obtained the approval from PETRONAS Carigali Sdn.  Bhd.  (“PETRONAS Carigali”) to announce that PETRONAS Carigali has awarded to Handrill Sdn. Bhd. (“HSB”), a 99.88% owned subsidiary of the Company, an umbrella contract for the Provision of 225K and 460K Drilling of Hydraulic Workover Unit (HWU) (“Umbrella Contract”).

 

2. VALUE AND DURATION OF CONTRACT

The Umbrella Contract is for duration of three (3) years with one (1) year extension option. The Umbrella Contract is also conditional on HSB obtaining and maintaining a valid licence with Petroliam Nasional Berhad (“PETRONAS”).

The details of the scope of works in relation to the Umbrella Contract will be addressed in a work order in accordance with the detailed scope of works as provided under the contract and/or work order request.

 

3. FINANCIAL EFFECTS

 

The Contract is expected to contribute positively towards the earnings and net assets of the Company for the duration of the Umbrella Contract.

 

4. RISK FACTORS

 

Risk factors affecting the award include execution risks such as availability of skilled manpower and materials, changes in prices of materials, changes in political, economic and regulatory conditions.

 

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

 

None of the Directors and/or major shareholders and/or persons connected with them have any direct or indirect interest in the Umbrella Contract.

 

6. DIRECTORS’ STATEMENT

 

The Board of Directors of the Company is of the opinion that the acceptance of the Umbrella Contract is in the best interest of the Company.

 

This announcement is dated 1 March 2018.






Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 01 Mar 2018
Category General Announcement for PLC
Reference Number GA1-14022018-00001