KUALA LUMPUR (October 20): Offshore crane operator Handal Energy Bhd has received a new contract from Mubadala Petroleum’s company MDC Oil & Gas Ltd to provide offshore pedestal crane maintenance services and spare parts.

In a notification filed with Bursa Malaysia today, Handal Energy announced that the four-year contract has been awarded by the Abu Dhabi-based company to its wholly owned subsidiary Handal Cranes Sdn Bhd.

“The contract has no specific value as it is a call-off basis where work orders are placed at the customer’s discretion based on their activity plans and tariffs throughout the contract period,” it says.

Handal Energy said the contract is expected to make a positive contribution to the Group’s earnings for the fiscal year ending June 30, 2021 and thereafter until it expires.

At the close of the market, Handal Energy, with a market capitalization of 40.48 million RM, fell by 0.5 Sen or 2.63% to 18.5 Sen.