Malaysian oil & gas services player Uzma has secured RM29m ($6.85M) from Petronas under the risk transfer incentive contract (RTIC) for idle wells reactivation and production enhancement services offshore Malaysia.
The company’s subsidiary Uzma Engineering will carry out well intervention services at Sabah waters, which include coiled tubing, pumping, desander and well testing equipment and services.
The three-year contract is expected to last until mid-July 2024. The incentive period is for two years, commencing after the well intervention is completed and the well starts production, Uzma said.
