KUALA LUMPUR (September 3): Handal Energy Bhd announced that its wholly owned unit has received a contract renewal from SEA Hibiscus Sdn Bhd to provide offshore crane maintenance services.

The extension secured by Handal Cranes Sdn Bhd is valid for one year from October 31, Handal Energy said in a filing.

“The contract renewal has no specific value as it is on an on-demand basis, with work orders placed at SEA Hibiscus’ discretion based on its schedule of activities and tariffs throughout the contract period,” it said.

This is the second order the crane operation and maintenance unit has received from Handal Energy this year.

The previous contract was signed by ExxonMobil Exploration and Production Malaysia Inc for a period of five years starting June 15th.

Handal Energy announced a total of five contract updates this year. The group had just completed its first break-even period on June 30, 2021, after four consecutive years in the red.

Handal Energy’s shares rose 2.22%, or half a sen, to 23 sen today, valuing the group at RM53.15 million.