Uzma awarded Risk Transfer Incentive Contract Work Order for RM29 mil

by TMR

Uzma Bhd through its wholly-owned subsidiary Uzma Engineering Sdn. Bhd. secured a Work Order Award from PETRONAS Carigali Sdn. Bhd. for the Provision of a Risk Transfer Incentive Contract (RTIC) for Idle Wells Reactivation and Production Enhancement Services for Sabah assets.  

In a statement today the company said the contract duration is for three years beginning 13 July 2021 and ending on 12 July 2024 with an estimated contract value of RM29 mil.

The job scope of the contract involves deploying well intervention services to perform idle well reactivation activities at Offshore Sabah.  

Uzma has been at the forefront of production enhancement solutions since 2007 when it first deployed its award winning UzmAPRES low pressure system to improve the recovery of hydrocarbons. 

Uzma group is one of the few integrated well service providers in Malaysia which offers well services such as Hydraulic Work-over, Coil tubing, pumping, desander, well test, and e-line services. 

“Uzma is excited to be awarded this RTIC contract as our group offers a truly integrated approach to idle well reactivation from subsurface assessment and recommendation to well intervention services, all of which are inhouse services. The new contract is unique in a sense that there is an element of risk and reward distributed fairly between Uzma and the Operator,” said CEO Datuk Kamarul Redzuan Muhamed, the Group CEO of Uzma. 

Uzma is one of the leading Malaysian oil & gas contractors specialising in production optimisation and enhancement. It has a strong track record as Malaysia’s leading integrated well services specialist as well as capabilities in other parts of the oil & gas value chain such as hydrocarbon optimisation.