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OTHERS HANDAL ENERGY BERHAD - AWARD OF CONTRACT

HANDAL ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
HANDAL ENERGY BERHAD 
- AWARD OF CONTRACT

1. INTRODUCTION

 

Handal Energy Berhad (“Handal” or the “Company”) is pleased to announce that Handal Cranes Sdn Bhd (“Handal Cranes”), a wholly owned subsidiary of Handal, has secured a new contract from Tanjung Offshore Services Sdn Bhd (“TOS”) for the provision of portable crane equipment and services package (“Contract”) via a letter of award dated 27 April 2021 (“LOA”). 

 

 

2. DETAILS OF THE CONTRACT SECURED

 

The Contract agreement was entered into between TOS and Handal Cranes on 27 April 2021 following the LOA. The provision of equipment and services for the Contract is for the plug and abandonment integrated services for Pulai A for PETRONAS Carigali Sdn.Bhd (“PCSB”). The Contract commenced on 2 July 2021 and the estimated completion date is in December 2021. 

 

The Contract secured does not have any specified value as it is on a “call-out” basis whereby a work order will be issued at the discretion of TOS based on their activities schedule and rates throughout the duration of the Contract.

 

Handal has received the approvals from both TOS and PCSB as the end user to announce the Contract on 16 September 2021.

 

 

3. FINANCIAL EFFECTS

 

The Contract will not have any effect on the share capital and shareholding structure of the Company. The Contract is not expected to have any material effect on the net assets of Handal and its subsidiaries (“Handal Group”) for the financial year ending (“FYE”) 30 June 2021.

 

The Contract is expected to contribute positively to the earnings of Handal Group for the FYE 30 June 2022. 

 

 

4. RISKS IN RELATION TO THE CONTRACT

 

The Contract is not expected to expose the Handal Group to any new risk factors as the Handal Group is already actively involved in the provision of integrated crane services.

 

 

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 Handal has any direct or indirect interest in the Contract.

 

 

6. APPROVALS REQUIRED

 

The Contract is not subject to the approval of the shareholders of the Company or any regulatory authorities.

 

 

7. STATEMENT BY DIRECTORS

 

The Board of Directors of the Company is of the opinion that the Contract is in the ordinary course of business and is in best interest of the Company.

 

This announcement is dated 17 September 2021.






Announcement Info

Company Name HANDAL ENERGY BERHAD
Stock Name HANDAL
Date Announced 17 Sep 2021
Category General Announcement for PLC
Reference Number GA1-17092021-00064


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