KUALA LUMPUR, Sept 30 -- Handal Energy Bhd’s (Handal) wholly-owned subsidiary, Handal Cranes Sdn Bhd has secured a contract for the provision of offshore cranes operations and maintenance services from Sarawak Shell Bhd (SSB) and Sabah Shell Petroleum Company Ltd (SSPC).
In a filing with Bursa Malaysia today, Handal said the contract also include the provision of operations, maintenance, repair services and provision of manpower services for a total of 29 offshore cranes under SSB and SSPC located off the waters of Sarawak and Sabah.
It said the contract duration was two years, commencing from Oct 15, 2019, with an extension option of one year.
“The contract is expected to contribute positively to the earnings of Handal and its subsidiaries for the financial year ending (FYE) June 30, 2020, and subsequently until the expiry of the contract,” it said.
The contract is not expected to have any material effect on the group’s net assets for the Financial Year Ending June 30, 2020, it said.
Meanwhile, in a separate statement, Handal managing director Sunildeep Singh Dhaliwal said the contract was the group’s first crane maintenance in Sabah and Sarawak.
“We have achieved yet another milestone within Handal’s strategic plans that was set earlier on and hope that this will be the springboard for further expansion of our business and services into the region.
“Handal’s crane business has been an undervalued gem. As we continue to expand, we will be tendering for more crane (related) projects in east Malaysia,” he said.