Handal subsidiary secures first contract from Petronas Research
Kuala Lumpur: Handal Resources Bhd's subsidiary, Handal Simflexi Sdn Bhd, has received a letter of award from Petronas Research Sdn Bhd to develop a subsea-related technology.
The award, worth RM2.3 million, involved various conceptual design and analysis pertaining to the development of the technology, the company said in a statement Wednesday.
The two-month award, beginning June 13, 2018, was expected to contribute positively to the group's performance for the financial year ending Dec 31, 2018.
Chief Operating Officer and Executive Director Zahari Hamzah said Handal was committed to bringing value-added and innovative technologies to support the increasingly competitive requirements of leading players in the oil and gas (O&G) industry.
"Looking ahead, we strive to collaborate with more players to implement our patented technology solutions, which offer attractive propositions of lower operating costs and better capital efficiency.
"Additionally, our stake in Handal Simflexi Sdn Bhd represents one of the first successful steps in strategically diversifying into new areas of the O&G industry," he added. – Bernama